criminal

By September 1997, Philadelphia Electric Co. had outflanked key opponents and filed a proposed partial settlement with the Penn. PUC to allow the company to recover costs that might become stranded under a new law (enacted a year before) that had brought a measure of competition to the state’s electric utility industry. Then Enron went to work.

Closer coordination between FERC and CFTC (and perhaps also with DOJ) will increase enforcement risk for energy industry traders.