Energy regulation is not a new topic, but after the Enron scandal, Congress made significant changes. The changes were embodied in the Energy Policy Act of 2005. One major change was to FERC's ability to hand down penalties for market manipulation. Recently, FERC has been aggressively enforcing its power and anticipates anti-manipulation enforcement will be a point of emphasis in the future. The first entity to challenge FERC's power in federal court is Barclays. The Barclays case, other recent enforcement actions, and the regulations FERC has promulgated provide a guide to regulated entities about how and when they should challenge FERC in federal court. The outcome of the Barclays case will have an immense impact on future FERC enforcement actions.



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