S.Amdt. 1459

1. Rewrites section 1172

   Replaces

   In S. 14 · Placed on Calendar Senate

   SEC. 1172. MARKET MANIPULATION.

   [inserted: (a) Prohibition.--]Part II of the Federal Power Act [inserted: (as amended by section 1171) ]is amended by [inserted: adding at ]the [inserted: end the ]following:

   Struck: "prohibition on filing false information

   Struck: "Sec. 223. It shall be a violation of this Act for any person or any other entity (including entities described in section 201(f)) willfully and knowingly to report any information relating to the price of electricity sold at wholesale, which information the person or any other entity knew to be false at the time of the reporting, to any governmental entity with the intent to manipulate the data being compiled by such governmental entity.

   Struck: "prohibition on round trip trading

   Struck: "Sec. 224. (a) It shall be a violation of this Act for any person or any other entity (including entities described in section 201(f)) willfully and knowingly to enter into any contract or other arrangement to execute a 'round-trip trade' for the purchase or sale of electric energy at wholesale.

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   Struck: "(b) For the purposes of this section, the term 'round trip trade' means a transaction, or combination of transactions, in which a person or any other entity--

   Struck: "(1) enters into a contract or other arrangement to purchase from, or sell to, any other person or other entity electric energy at wholesale;

   Struck: "(2) simultaneously with entering into the contract or arrangement described in paragraph (1), arranges a financially offsetting trade with such other person or entity for the same such electric energy, at the same location, price, quantity and terms so that, collectively, the purchase and sale transactions in themselves result in no financial gain or loss; and

   Struck: "(3) enters into the contract or arrangement with the intent to deceptively affect reported revenues, trading volumes, or prices.".

   Inserted: "SEC. 219. PROHIBITION ON MARKET MANIPULATION.

   Inserted: "It shall be unlawful for any person, directly or indirectly, to use or employ, in connection with the purchase or sale of electric energy or the purchase or sale of transmission services subject to the jurisdiction of the Commission, any manipulative or deceptive device or contrivance in contravention of such regulations as the Commission may promulgate as appropriate in the public interest or for the protection of electric ratepayers.".

   Inserted: (b) Rates Resulting From Market Manipulation.--Section 205(a) of the Federal Power Act (16 U.S.C. 824d(a)) is amended by inserting after "not just and reasonable" the following: "or that result from a manipulative or deceptive device or contrivance in violation of a regulation promulgated under section 219".

   Inserted: (c) Additional Remedy for Market Manipulation.--Section 206 of the Federal Power Act (16 U.S.C. 824e) is amended by adding at the end the following:

   Inserted: "(e) Remedy for Market Manipulation.--If the Commission finds that a public utility has knowingly employed any manipulative or deceptive device or contrivance in violation of a regulation promulgated under section 219, the Commission shall, in addition to any other remedy available under this Act, revoke the authority of the public utility to charge market-based rates.".

   Original wording

   Strike section 1172 and insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed