From Approval to Reversal
In 2019, FERC commissioners initially ruled that Dynegy’s actions were acceptable under MISO’s tariff. But that determination didn’t stick. The D.C. Circuit Court of Appeals in 2021 sent the case back for reconsideration, triggering renewed scrutiny.
By 2023, FERC’s enforcement staff concluded Dynegy had, in fact, engaged in market manipulation. Dynegy pushed back, and FERC prepared for an evidentiary hearing—only to pause proceedings in hopes of striking a deal.
Settlement Brings Closure
The $38 million payout includes refunds aimed at compensating consumers. While Dynegy maintains its practices were lawful, the settlement spares the company from years of continued litigation and regulatory risk.
Illinois Attorney General’s Office is represented by Susan Satter, while Public Citizen is represented by Tyson Slocum. Dynegy is represented by Natasha Gianvecchio, Anna Biegelsen, and Richard H. Griffin of Latham & Watkins LLP.
