Cortez Masto introduces bill protecting consumers from alleged energy market manipulation

(Live 5)
Published: May. 3, 2023 at 9:09 AM PDT
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WASHINGTON D.C., Virginia (KOLO) - U.S. Senator Catherine Cortez Masto, as well as Senator Maria Cantwell of Washington, have introduced a bill they hope will protect consumers from energy market manipulation.

The Energy Consumer Protection Act would give the Federal Energy Regulatory Commission more power to go after traders that repeatedly manipulate electricity and gas markets.

“I’m working to hold bad actors across the energy sector accountable for manipulating markets and hiking up prices for consumers,” said Senator 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.”

Cortez Masto says that while current law bans such practices, the FERC does not have sufficient mechanisms to deter traders from engaging in the practice.