Summary of NERC Penalties
Quarter 3 - July 2023
Pacific Summit Energy, LLC (PSE)
NGA and FERC's regulations
Section 4A of the NGA, 15 U.S.C. § 717c-1.7 and Commission’s corresponding regulation, 18 C.F.R. § 1c.1
PSE’s October 2017 Bidweek physical trading had the effect of inflating physical natural gas prices in Transco Zone 6, resulting in increases in the value of PSE’s existing financial basis positions
PSE is the North American energy marketing and trading affiliate of Sumitomo formed PSE in 2004 to expand its midstream presence in the North American energy industry. PSE has approximately 70 employees across California, Texas, and Virginia. PSE primarily trades natural gas, power, and crude oil. PSE actively trades natural gas for a wide variety of purposes. PSE trades physical natural gas to, among other things, serve customers with gas requirements. PSE also transacts in futures markets for hedging and speculative purposes.
FERC considered the fact that PSE fully cooperated with Enforcement’s investigation and that PSE had a compliance program in place, including annual compliance training. These factors served to reduce/not escalate the penalties levied.
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