Enforcement Staff’s Report alleges that: (1) the BP traders implemented a fraudulent scheme to suppress the HSC next-day, fixed price market, and that the relevant trades were uneconomic without justification; (2) the BP traders acted with scienter, as demonstrated by recorded conversations regarding the scheme; (3) the scheme involved FERC-jurisdictional wholesale natural gas sales; and (4) BP failed to appropriately investigate and analyze the BP traders’ actions and possible manipulation through its compliance program and procedures.
BP must file an answer with the Commission by September 4, 2013. BP has the option to pay the proposed assessment or contest the order. The proceeding is captioned Docket No. IN13-15-000.