Power traders try to revive manipulation suit
Washington, 5 March (Argus) — Two power trading firms will appeal a judge’s decision to throw out their lawsuit alleging that GDF Suez North America withheld its Texas generation to manipulate power prices and benefit other financial positions.
A federal judge in Texas dismissed the traders’ suit last month after finding they failed to make a valid legal claim on which to base their case. The problem with the claims, the judge said, was that all the alleged manipulative activity took place in the Electric Reliability Council of Texas (ERCOT) power markets that were exempted from a federal statute the traders used to make their claim.
Aspire Commodities and Raiden Commodities on 3 March said they plan to appeal the decision to the 5th Circuit Court of Appeals. They believe the judge reached the “wrong conclusion” about the suit, their attorney Barry Hammond of the Houston law firm Rapp and Krock said.
