That big revolving door at FERC keeps spinning.
Today, Commissioner John Norris resigned, three years before his term was up. One out.
Last week, returning Commissioner Cheryl LaFleur was sworn in to a new term, and will temporarily act as lame duck chairman of the Commission. Her chairmanship only lasts until next April. One in.
Controversial new Commissioner Norman Bay was sworn in earlier this week for his new term, and will advance to the chairmanship when LaFleur gets demoted next April. One in.
The day after Bay was sworn in, FERC finally did what it had been threatening to do for the past 4 years and issued a Notice of Alleged Violations to Powhatan Energy Fund and its trader Alan Chen, officially accusing them of market manipulation.
Powhatan has been very publicly and aggressively fighting FERC's attempt to eke out a settlement before formally charging them, and had been critical of Office of Enforcement Director Norman Bay's nomination as commissioner. Powhatan's website has lots more information about the case.
Powhatan's response:
Today, Commissioner John Norris resigned, three years before his term was up. One out.
Last week, returning Commissioner Cheryl LaFleur was sworn in to a new term, and will temporarily act as lame duck chairman of the Commission. Her chairmanship only lasts until next April. One in.
Controversial new Commissioner Norman Bay was sworn in earlier this week for his new term, and will advance to the chairmanship when LaFleur gets demoted next April. One in.
The day after Bay was sworn in, FERC finally did what it had been threatening to do for the past 4 years and issued a Notice of Alleged Violations to Powhatan Energy Fund and its trader Alan Chen, officially accusing them of market manipulation.
Powhatan has been very publicly and aggressively fighting FERC's attempt to eke out a settlement before formally charging them, and had been critical of Office of Enforcement Director Norman Bay's nomination as commissioner. Powhatan's website has lots more information about the case.
Powhatan's response:
“Your preliminary findings make no sense. Should you choose to proceed with a public notice against Powhatan and/or Huntrise, please be advised that they will respond publicly and forcefully.”
So, just when FERC manages to get all its commissioner seats filled, a major public relations battle and search for a politically suitable commissioner starts all over again. Here's a better idea: Since FERC is all political now, maybe we should just start electing FERC commissioners, since they're supposed to regulate in the public's best interests?
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