WASHINGTON — This week, U.S. Representatives Jan Schakowsky (IL-09), Sean Casten (IL-06), and Don Beyer (VA-08) are re-introducing bicameral legislation to protect consumers from energy market manipulation. The Energy Consumer Protection Act of 2023 would provide the Federal Energy Regulatory Commission (FERC) with additional authority to go after traders that repeatedly manipulate electricity and natural gas markets. Companion legislation was introduced in the Senate by U.S. Senators Catherine Cortez Masto (D-NV) and Maria Cantwell (D-WA)
“As we head into summer, we must ensure that energy prices remain affordable. For far too long, energy companies have taken advantage of consumers – manipulating prices and deceiving regulators,” said Congresswoman Jan Schakowsky. “That is why I am proud to reintroduce the Energy Consumer Protection Act with my colleagues to give the Federal Energy Regulatory Commission the tools it needs to hold energy companies accountable and protect consumers from market manipulation and corporate greed.”
“We must do everything we can to ease the burdens American’s have already suffered due to climate change,” said Congressman Sean Casten. “Our bill, the Energy Consumer Protection Act, will help bring down energy costs for families across the country by giving FERC the additional authorities it needs to prevent market manipulation.”
“At a time when American families are struggling with energy costs, we can’t afford market manipulators that make those concerns worse,” said Congressman Don Beyer. “Our bill, the Energy Consumer Protection Act, would provide FERC with the ability to address those concerns. I want to thank my colleague Rep. Schakowsky for her leadership on this issue.”
“I’m working to hold bad actors across the energy sector accountable for manipulating markets and hiking up prices for consumers,” said Senator Catherine Cortez Masto. “My bill gives FERC the tools it needs to go after market manipulators and help bring down costs for businesses and families in Nevada.”
“This legislation will add a key consumer protection arrow to FERC’s quiver by blocking market manipulators from repeating their crimes and harming energy consumers,” said Senator Maria Cantwell. “The burden of today’s elevated energy prices makes the quick passage of this bill more important than ever.”
While current law bans market manipulation and false or misleading representations, FERC’s enforcement mechanisms aren’t strong enough to deter traders from repeatedly violating the law. The Energy Consumer Protection Act would give FERC additional tools to enforce existing law by allowing them to ban companies from trading in energy markets if they manipulate the electricity or natural gas markets or file false market information.