Extract to table

Second, the negative Day-Ahead offers at the center of FERC Staff's allegations — ranging from -$15/MWh to -$40/MWh — reflected verifiable, documented opportunity costs and contractual minimum generation commitments under long-term power purchase agreements and reliability must-run obligations

More importantly, in the enforcement context, the Commission has repeatedly emphasized that scienter must be established by evidence of the respondent's actual state of mind — that is, evidence that the respondent intended to deceive, manipulate, or defraud

Under the Commission's precedent, disgorgement is a remedial measure, not a punitive one, and must be based on a reliable calculation of the actual unjust profits that are causally linked to the specific violative conduct

Second, certain of DPT's gas-fired units at Indiana Hub were subject to reliability must-run ("RMR") obligations imposed by MISO