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In two separate government actions taking place on the same day, energy traders have been reminded of the federal government's scrutiny of the energy markets and the severe consequences that can result from a market manipulation finding. The government has again promised to investigate the role that both lawful conduct and unlawful conduct may be playing in the recent gas price increases.
The Federal Energy Regulatory Commission (FERC) has issued an order affirming and clarifying its December 17 2009 order which authorised the FERC secretary to issue publicly the Preliminary Notice of Violations. The 2011 order largely rejected due process and other challenges to FERC's policy, although it did issue some points of clarification of note to industry participants.
The Securities and Exchange Commission has proposed new rules for payments to governments made by resource extraction issuers, on annual reports for mine safety standards and on the use of conflict minerals that originate in the Democratic Republic of Congo or adjoining countries.
The Federal Energy Regulatory Commission has opened a notice of inquiry on capacity transfers on intrastate natural gas pipelines, raising broad issues that will greatly affect Section 311 and Hinshaw pipelines, as well as many shippers on such pipelines. This may lead to new rules on capacity reassignment arrangements.
The recent order of the Federal Energy Regulatory Commission (FERC) in Arizona Public Service Co may have important implications for the natural gas and oil pipeline industries. FERC broadened the application of its policy of prohibiting buy/sell transactions to include all other pipeline facilities required to provide services without undue discrimination or preference