This is an interesting article from the Calgary Herald.

http://calgaryherald.com/news/politics/economic-withholding-goes-under-the-microscope-after-spring-power-price-spike

Essentially, it suggests that an unnamed power producer in Alberta consciously withheld electrical supply in order to increase the spot price.  The price apparently quadrupled in April.  It will be recalled that, in April, Alberta is becoming warmer, so one would expect demand to be less.  The article suggests that such a practice was legal under the rules brought in by the former Provincial Tories.

While many people (correctly) associate Enron with its eventual accounting scandal, I think an analogy can be drawn to its effect on the California energy crisis of the early 2000s.  Mz. McLean and Mr. Elkind in their book “The Smartest Guys in the Room,” outline this in Ch 17, “Gaming California.”  Very broadly, they suggest that several energy companies, including Enron, consciously manipulated the deregulated market to increase the price of power, in some cases jumping from $1.00 per megawatt hour to as much as $5,000.00 (see McLean, p. 267).

They argue that using complex trading strategies with names like “Death Star” and “Fat Man,” Enron was able to manipulate the market.  At p. 273, they write:

“To [the California regulators and politicians], the problem was simple:  the big power companies, including Enron, were manipulating the market for their own benefit.  And state officials wanted the federal government to do something about it.  San Diego Gas & Electric filed a complaint with the [Federal Energy Regulatory Commission], requesting lower price caps.  On August 10 the [Independent Systems Operator] issued a report, blaming the crisis on the exercise of market power;  on August 17, representatives from the California utilities presented a detailed list of alleged trading abuses to the FERC, including the intentional creation of congestion and ‘megawatt laundering…'”

See also, Power Failure by Mz. Swartz and Watkins, Ch. 14 “Flakes and Cowboys.”

The Calgary Herald article does not name the producer in question.  If it is a publicly held company, it would be interesting to review its financials.