BP Asks U.S. Regulator to Reverse Gas Market Manipulation Ruling
ByBP Plc asked federal regulators on Monday to reverse an administrative judge’s ruling that it had manipulated natural gas markets in Texas in 2008.
“There is no direct evidence of manipulation,” BP said in an appeal filed with the Federal Energy Regulatory Commission. The energy company said last month’s initial ruling by the agency was “arbitrary and capricious.”
FERC brought a case against London-based BP in August 2013. Traders at BP’s Southeast natural gas desk were accused of a scheme to lower next-day, fixed-price natural gas prices at the Houston Ship Channel hub from Sept. 18 through Nov. 30, 2008, to boost physical and financial bets. Agency staff proposed a $28 million penalty against BP…
BP Asks U.S. Regulator to Reverse Gas Market Manipulation Ruling