Vitol to Pay Over $2 Million to Settle US Power Market Case

Commodity trading giant Vitol Group and one of its traders will pay a total of $2.3 million to settle US Federal Energy Regulatory Commission charges that they gamed the California power markets a decade ago.

FERC found that “the conduct” of Vitol and Federico Corteggiano, a power trader based in Houston, “violated certain provisions of the Federal Power Act and the Commission’s Regulations,” it said in a filing posted to its website late Thursday.

Vitol declined to comment. The company and Corteggiano “neither admit nor deny the alleged violation,” the filing says. The case has been ongoing since 2019 and ...