FERC issued an Order to Show Cause seeking $29.8 million in fines from the Powhatan Fund, in a case that became the centerpiece of a debate over FERC enforcement policy during Commissioner Norman Bay’s confirmation process earlier this year.

FERC staff issued a Notice of Alleged Violation last week against traders who exploited a loophole in PJM UTC trades in a case that will likely go to court.

A guide to the players in the Powhatan Energy Fund market manipulation investigation.