Since the passing of the Energy Policy Act of 2005, the Federal Regulatory Energy Commission (FERC) has significantly increased its focus on enforcement. FERC's prosecution of alleged claims of market manipulation and violations of it rules and regulations can lead to concurrent or overlapping energy related investigations, prosecutions and enforcement proceedings brought by multiple regulators (FERC, CFTC, SEC, DOJ, DOE) involving the same action, event or conduct.
Companies should consider the different legal standards that could be applied by the various regulators because, as Daniel Hagan, a partner at White & Case, said, "You don’t want to rest your case on precedent which could very well be summarily dismissed by one agency but embraced by another."
A basic ground rule for preparing for investigations is witness preparation. "If anybody even suspects that you are coming up with explanations on a post-hoc basis, your credibility is just blown," Hagan said.