Dive Summary:
- U.S. Federal Energy Regulatory Commission (FERC) Chairman Jon Wellinghoff has handed in his resignation to President Obama, according to a FERC spokesman.
- Wellinghoff, a former energy lawyer, was appointed chairman of FERC in 2009 after serving three years as a commissioner for the regulatory body.
- Wellinghoff will stay on as chairman until his replacement is in place; as yet, there has been no indication as to who that might be.
US FERC Chairman Jon Wellinghoff has notified the White House, senior agency staff that he will resign, sources say
— Platts Power (@PlattsPower) May 28, 2013
FERC's record on transmission and DR under Wellinghoff are excellent, but market manipulation crackdown is underappreciated highlight.
— Richard Caperton (@richardcaperton) May 29, 2013
From the article:
Over the past year the regulator has shown its new muscle with a series of headline-grabbing fines and investigations against large banks.
The actions including a proposed record $470 million fine for British bank Barclays for alleged manipulation of the electricity market.