Schakowsky, Casten, Beyer Reintroduce Energy Consumer Protection Act to Crack Down on Market Manipulation

Today, U.S. Representatives Jan Schakowsky (IL-09), Sean Casten (IL-06), and Don Beyer (VA-08) reintroduced the Energy Consumer Protection Act, bicameral legislation aimed at strengthening federal oversight of energy markets and protecting consumers from price manipulation.

The legislation would provide the Federal Energy Regulatory Commission (FERC) with additional authority to ban companies from participating in electricity and natural gas markets if they are found to have manipulated energy prices or submitted false or misleading market information.

"As energy costs soar, we can't risk letting bad actors rig the electricity market to line their own pockets at the expense of families," said Congresswoman Jan Schakowsky. "I'm reintroducing the Energy Consumer Protection Act to give the Federal Energy Regulatory Commission the tools it needs to hold traders who manipulate the market accountable and protect consumers from corporate greed."

"Electricity prices have skyrocketed under the Trump Administration due to policies that protect fossil fuel companies at the expense of consumers," said Congressman Sean Casten. "Our bill, the Energy Consumer Protection Act, helps bring those costs down and prioritizes American families by giving FERC the additional authorities it needs to prevent market manipulation."

"American families are spending more on their energy bills than ever before as the Trump Administration continues to prioritize fossil fuel profits over affordability, and we can't afford market manipulators making matters worse," said Congressman Don Beyer. "Our bill, the Energy Consumer Protection Act, would provide the FERC with the ability to hold those manipulators accountable and keep energy costs down for consumers."

Current law prohibits energy market manipulation and false or misleading information. However, existing enforcement tools are not sufficient to deter repeat violations or protect consumers from ongoing abuse.

Just last week, a company was ordered to pay more than $1 billion in penalties for fraud in energy capacity markets, underscoring the need for stronger enforcement authority.

Companion legislation was introduced in the U.S. Senate by U.S. Senators Catherine Cortez Masto (D-NV) and Maria Cantwell (D-WA).

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