Brattle provided economic analyses, reports, and live interaction with the FERC’s Office of Enforcement to assist with the defense of a large energy trading company suspected of using physical power trades to game market rules and manipulate the value of related physical and financial derivatives positions. The analyses demonstrated that the trades at issue were executed in pursuit of stand-alone profits (and thus without fraudulent intent), and that the related positions were not aligned to benefit from the behavior. The investigation was dropped by the regulator.