Vitol faces possible $6.0m fine for US power market manipulation
Friday, 12 July 2019
LONDON, July 11 (Reuters): Global energy trader Vitol faces a possible fine of $6.0 million from a US energy regulator for alleged manipulation in California's power market, an order from the regulator showed.
"The Commission directs Vitol to show cause why it should not be required to disgorge unjust profits of $1,227,143, plus interest," the Federal Energy Regulatory Commission (FERC) wrote in an Order to Show Cause.
The FERC alleges that Vitol and an employee purposefully sold physical power at a loss in the market run by the California Independent System Operator.