Jump to content

Get ready for Enron II: republicans are re-opening the Energy Market to underhanded dealing


Recommended Posts

Neil Chatterjee, head of the Federal Energy Regulatory Commission, is taking our nation back to pre-Enron days when the commission was so weak it didn’t even explicitly prohibit manipulating energy markets.

 

Under Chatterjee, a former Mitch McConnell aide, the number of new investigations was halved – to 12 – in fiscal 2019, compared with the previous year. The commission reached just two settlement agreements for $14 million, a sixth or less of the annual average for penalties since 2007.

 

“Several recent actions seem to indicate that the commission may not be fully committed to finding, stopping, and punishing manipulative acts that can stifle competition and result in unjust and unreasonable prices,” Sen. Maria Cantwell (D-Wash.) and four other Democratic senators wrote to FERC commissioners.

 

 

Chatterjee, who also previously lobbied for the National Rural Electric Cooperative Association, told senators that annual averages vary and dropped in part because of the effectiveness of FERC enforcement.

 

“Our focus and priority continues to be addressing market manipulation and protecting our markets,” Chatterjee said.

FERC is pursuing three cases that total about $85 million in penalties, interest and amounts the companies would have to repay.

Former President George W. Bush signed the Energy Policy Act after the bankruptcy of Enron, the Houston energy company that cooked its books to hide billions of dollars in debt. Enron’s former CEO, Jeffrey Skilling, who was convicted of insider trading and other charges, was released from prison in 2018.

 

The Energy Policy Act gave FERC the power to fine companies up to $1 million a day per violation. Energy companies and trade associations such as the Electric Power Supply Association and Energy Trading Institute have argued in court that the fines should be thrown out because the commission is taking too long to assess penalties.

 

In May, the commission stopped issuing public notices about alleged violations, saying “the potential adverse consequences … for investigative subjects are no longer justified.” The commission voted in 2009 to issue public notices under former President Barack Obama.

 

FERC also eliminated its Division of Energy Market Oversight which was part of its enforcement efforts. The division oversaw our country’s natural gas and electric power markets and related energy and financial markets.

 

Chatterjee’s predecessor as chairman, attorney Norman Bay, had been the commission’s director of enforcement. He resigned in January 2017 after Trump named then-commissioner Cheryl LaFleur as the acting chair.

 

Before FERC enacted market behavior rules there was no explicit prohibition or definition of market manipulation in FERC rules, regulations or orders or statutes administered by the commission.

 

In fiscal 2018, FERC opened 16 investigations into market manipulation, the most for any year in the past decade, and recovered almost $150 million in civil penalties and disgorgement of profits.

Link to comment
Share on other sites

"“Several recent actions seem to indicate that the commission may not be
fully committed to finding, stopping, and punishing manipulative acts
that can stifle competition and result in."

 

THE COMMISSION can be substituted for anything meant to keep corporations from taking advantage of the public. This is what republicans do ... put the most unqualified in position to destroy every agency they touch.

 

"What have you got to lose?"

 

Everything!

Link to comment
Share on other sites

2 minutes ago, benson13 said:
"“Several recent actions seem to indicate that the commission may not be
fully committed to finding, stopping, and punishing manipulative acts
that can stifle competition and result in."

 

THE COMMISSION can be substituted for anything meant to keep corporations from taking advantage of the public. This is what republicans do ... put the most unqualified in position to destroy every agency they touch.

 

"What have you got to lose?"

 

Everything!

 

The Dems want to bring in the EPA and dominate all businesses.

The Dems want to shut-down productivity, progress, and jobs for the common man.

The Dems are bad for the prosperity of this nation.

 

Trump will fight against the tyranny of the EPA.  God-Bless him.

Trump  =  2020 !!                       😎

Link to comment
Share on other sites

36 minutes ago, Taipan said:

 

The Dems want to bring in the EPA and dominate all businesses.

The Dems want to shut-down productivity, progress, and jobs for the common man.

The Dems are bad for the prosperity of this nation.

 

Trump will fight against the tyranny of the EPA.  God-Bless him.

Trump  =  2020 !!                       😎

 

A sea otter carefully uses its paws to free itself from a plastic bag that’s tangled loosely around its body. This sea otter isn't the only animal to have a dangerous run-in with litter: It’s estimated that about half of all marine mammals have eaten or gotten trapped by plastic.

 

A LITTLE POLLUTION = BIG PROBLEMS

Plastic pollution is different from paper or food waste because it never fully decomposes, or breaks down into pieces that can be reused by nature. Instead, plastic often ends up in water, where it releases toxic chemicals and can be mistaken for food.

 

In a study conducted by the journal Science, scientists estimate that 8.8 million tons of plastic enter the ocean every year, threatening over 700 species of marine animals.

Link to comment
Share on other sites

Plastic trash isn’t the Earth’s only pollution problem. Oil accidentally spilling into the sea, agriculture products like fertilizers and pesticides seeping into the soil, and even excess noise and light can pollute the environment.

 

For instance, the sounds made by ships mess with whale calls, and bright lights can confuse animals such as birds and newly hatched sea turtles.

 

CLEANING UP OUR ACT

Once released into the environment, pollution can affect wildlife habitats for years. It’s easy to blame factories, but some of the mess comes from everyday human activities. For instance, car exhaust fumes and excess garbage can seriously harm Earth’s health.

 

You can probably clean your room in a couple of hours. (At least we hope you can!) But you can’t cram Earth’s pollution problem into your closet. We all need to pitch in and clean up the planet. Look at it this way: Just like your room, it’s always better to prevent the Earth from getting dirty in the first place.

Link to comment
Share on other sites

Just now, merrill said:

 

A sea otter carefully uses its paws to free itself from a plastic bag that’s tangled loosely around its body. This sea otter isn't the only animal to have a dangerous run-in with litter: It’s estimated that about half of all marine mammals have eaten or gotten trapped by plastic.

 

A LITTLE POLLUTION = BIG PROBLEMS

Plastic pollution is different from paper or food waste because it never fully decomposes, or breaks down into pieces that can be reused by nature. Instead, plastic often ends up in water, where it releases toxic chemicals and can be mistaken for food.

 

In a study conducted by the journal Science, scientists estimate that 8.8 million tons of plastic enter the ocean every year, threatening over 700 species of marine animals.

DUMMYRATS ARE THE ONES THAT CAUSED THE FKN PLASTIC PROBLEM.THEY WERE STRAPPED TO TREE CROPS SCREAMING FOR THE TREE DEMANDING WE USE PLASTIC BAGS AND NOT PAPER.I SWEAR YOU DEMORATS ARE THE DUMBEST THINGS ALIVE.

 

alinsky%252Brules%252Bbecome%252Blaw...g

Link to comment
Share on other sites

3 minutes ago, merrill said:

 

A sea otter carefully uses its paws to free itself from a plastic bag that’s tangled loosely around its body. This sea otter isn't the only animal to have a dangerous run-in with litter: It’s estimated that about half of all marine mammals have eaten or gotten trapped by plastic.

 

A LITTLE POLLUTION = BIG PROBLEMS

Plastic pollution is different from paper or food waste because it never fully decomposes, or breaks down into pieces that can be reused by nature. Instead, plastic often ends up in water, where it releases toxic chemicals and can be mistaken for food.

 

In a study conducted by the journal Science, scientists estimate that 8.8 million tons of plastic enter the ocean every year, threatening over 700 species of marine animals.

 

Plastic trash isn’t the Earth’s only pollution problem. Oil accidentally spilling into the sea, agriculture products like fertilizers and pesticides seeping into the soil, and even excess noise and light can pollute the environment.

 

For instance, the sounds made by ships mess with whale calls, and bright lights can confuse animals such as birds and newly hatched sea turtles.

 

CLEANING UP OUR ACT

Once released into the environment, pollution can affect wildlife habitats for years. It’s easy to blame factories, but some of the mess comes from everyday human activities. For instance, car exhaust fumes and excess garbage can seriously harm Earth’s health.

 

You can probably clean your room in a couple of hours. (At least we hope you can!) But you can’t cram Earth’s pollution problem into your closet. We all need to pitch in and clean up the planet. Look at it this way: Just like your room, it’s always better to prevent the Earth from getting dirty in the first place.

Link to comment
Share on other sites

1 minute ago, merrill said:

 

A sea otter carefully uses its paws to free itself from a plastic bag that’s tangled loosely around its body. This sea otter isn't the only animal to have a dangerous run-in with litter: It’s estimated that about half of all marine mammals have eaten or gotten trapped by plastic.

 

A LITTLE POLLUTION = BIG PROBLEMS

Plastic pollution is different from paper or food waste because it never fully decomposes, or breaks down into pieces that can be reused by nature. Instead, plastic often ends up in water, where it releases toxic chemicals and can be mistaken for food.

 

In a study conducted by the journal Science, scientists estimate that 8.8 million tons of plastic enter the ocean every year, threatening over 700 species of marine animals.

OK.

Fair point.

But we are not putting 10,000 lumberjacks out of business just to save the habitat

of the green-eyed, yellow-bellied, sap-sucker.

 

Let seek some balanced here.  Let's multi-task.  Let's find a way to secure both objectives.   

Link to comment
Share on other sites

4 minutes ago, 123urout said:

DUMMYRATS ARE THE ONES THAT CAUSED THE FKN PLASTIC PROBLEM.THEY WERE STRAPPED TO TREE CROPS SCREAMING FOR THE TREE DEMANDING WE USE PLASTIC BAGS AND NOT PAPER.I SWEAR YOU DEMORATS ARE THE DUMBEST THINGS ALIVE.

 

alinsky%252Brules%252Bbecome%252Blaw...g

 

The only group that lies about everything as if they know everything are the fascist libertarians and fundamentalists that have taken the GOP name into an anti-American gutter = they lie 24/7

Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...