I can say negative things about most government regulatory bodies. This one has done some positive things. FERC is the Federal Energy Regulatory Commission.
Among the good things that FERC has worked on, the ones I know are the corrupt trading in oil futures by Enron, the exposure of the bad pipes at the San Onofre nuclear power plant which FERC closed and the clean bill of health FERC gave to fracking.
What I didn’t know about was their exposure in 2012 of corrupt trading practices by Barclay’s bank in the electricity market. I learned about this because I was considered for an expert witness job on that case.
What happened is that two traders in electricity futures colluded with traders on the active electric trading desk. The futures traders would take a position in several futures; say September for $55 per megawatt hour for a month and December for $48. Then traders on the active trading desk would manipulate the price on the first of September and December to lose money on the actual sale of electricity but make a bundle on the futures desk. On September first they would buy electricity for $60 and drive up the price so the futures traders would make money; and sell at $46 on December 1st so the futures traders would again make money.
The active traders in real electricity would lose money on their accounts but the futures traders would make a lot more. The four traders involved in this could only do this occasionally lest others see what they were doing and subvert their corruption.
FERC exposed this and penalized the traders and the bank.
I think FERC could only have succeeded with the help of a whistle-blower. But at least they did expose it.