BPA news:

FERC's June 19th Order makes non-public utilities, including federal power marketing agencies like BPA and WAPA, subject to price mitigation in the WSCC.  However, according to my counterpart over at BPA (BPA trading attorney Gerit Hull), BPA is disputing that it is subject to the price mitigation requirements of FERC's June 19th Order.  Apparently, BPA's argument is that it is not subject to the price caps because it is "non-jurisdictional."  (BPA will have to do better than this, because the "non-jurisdictional" argument simply begs the question, because it says "you don't have jurisdiction over us because, well, you don't have jurisdiction over us.")  BPA sees the FERC Order as a "political" move to take away BPA's independence, and is now sending additional reinforcements to the FERC settlement in Washington D.C.