As gas generators' fuel costs soar, grid operator asks FERC to waive price cap
Citing an unprecedented escalation of natural gas prices in the January freeze, the power grid operator for 13 Eastern states yesterday asked the Federal Energy Regulatory Commission for emergency approval to exceed a $1,000-per-megawatt-hour (MWh) price cap on power purchased from gas-fired power plants.
2. ENERGY MARKETS
FERC mired in another 'Gunfight at the O.K. Corral' in case against Barclays
The Federal Energy Regulatory Commission has played bad cop for the past year, slapping Wall Street darlings with market manipulation charges and handing down almost $1 billion in penalties. But for the first time since Congress sharpened the agency's enforcement teeth in 2005 in the wake of the collapse of Enron Corp., FERC faces a hard-nosed court challenge from a powerful foe in the global banking sector, Barclays Bank PLC.