NEWS RELEASE

Committee on Energy and Commerce
Rep. John D. Dingell, Chairman

Dingell Salutes First FERC Case Using New Anti-Manipulation Authority

Washington, D.C. – Rep. John D. Dingell (D-MI), Chairman of the House Committee on Energy and Commerce, had the following comment on the announcement of major enforcement actions by the Federal Energy Regulatory Commission (FERC) and the Commodity Futures Trading Commission (CFTC) against Amaranth hedge fund and Energy Transfer Partners for manipulation of natural gas markets:

“The manipulations alleged, if true, represent serious misbehavior on the part of the perpetrators and a serious threat to the integrity of these markets. Honest markets are critical to the Nation’s energy needs and consumers. I commend these agencies for their vigilance and their ongoing cooperation for the public good. It is particularly gratifying to see FERC make good use of the anti-manipulation authority that Democrats worked so hard to get adopted in the Energy Policy Act of 2005.”

FERC was given new enforcement powers as a result of an amendment offered by Dingell in 2003 and later adopted as part of the conference agreement forming the Energy Policy Act of 2005.

- 30 -