A former senior trader at one of the nation's largest energy firms has come forward with evidence of systematic price manipulation on the wholesale electricity market.
The whistleblower, who worked at the company for 12 years, provided internal trading logs showing coordinated 'bid-rigging' during peak demand periods. The practice, known internally as 'spread management,' artificially inflated prices by 15-25% during summer heatwaves and winter cold snaps.
'They would coordinate with two other major players to pull liquidity at specific times,' the source explained. 'When supply tightened, they'd re-enter with higher bids across the board. The algorithms made it look like natural price discovery, but it was orchestrated.'
The manipulation added an estimated $4.7 billion to consumer bills over a three-year period, according to an independent analysis of the trading data. The Federal Energy Regulatory Commission has opened a preliminary inquiry, though no public announcement has been made.
The company denied any wrongdoing, stating: 'Our trading practices comply with all applicable laws and regulations. We operate with integrity and transparency.'