EI Principal John R. Morris testifies in energy price manipulation case.

On July 26, 2007 the Federal Energy Regulatory Commission (FERC) alleged that Energy Transfer Partners manipulated monthly natural gas prices at the Houston Ship Channel. In litigation, FERC Staff sought civil penalties of $82 million and disgorgement of $80 million in unjust profits. EI Principal John R. Morris testified that the alleged unjust profits were inflated and unsupported by real world evidence. On September 21, 2009, FERC accepted a settlement with only $5 million in civil penalties and a $25 million fund to disgorge alleged unjust profits to entities that file claims. Energy Transfer does not admit wrongdoing in the settlement. See FERC Docket No. IN06-3-003