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B. G., Opalesque Geneva:

Powhatan Energy Fund LLC has filed for Chapter 7 bankruptcy liquidation, with more than $26m in Federal Energy Regulatory Commission (FERC) market manipulation sanction liabilities but less than $53,000 in cash. The filing effectively ends years of litigation.

Powhatan Energy Fund LLC is a private investment partnership founded in 2010. The FERC's Office of Enforcement alleged that Powhatan and trader Houlian Chen had manipulated the electricity market. Powhatan disagreed.

FERC slapped Powhatan Energy Fund LLC and Houlian Chen with a show-cause order formalising enforcement staff allegations they violated the commission's anti-manipulation rule through so-called up-to-congestion trading in markets administered by PJM Interconnection in 2010.

PJM is a regional transmission organisation that coordinates the movement of wholesale electricity in the District of Columbia.

The case is still pending, reports Morningstar. The investment fund, which sought protection from creditors Wednesday in the U.S. Bankruptcy Cour......................

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