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Inflation Reduction Act
FERC Accepts PJM Capacity Performance Proposal
On June 9, 2015, FERC issued an order accepting PJM's proposal to modify its forward capacity market, the Reliability Pricing Model ("RPM"), to establish a new capacity product, the Capacity Performance Resource. PJM's proposal is designed to tighten the performance...
FERC Finds Manipulation Violations by Company and Trader that Complied with Tariff but did not Act to Further Market Design Goals
On May 29, 2015, the Federal Energy Regulatory Commission (FERC) issued an Order Assessing Civil Penalties against Powhatan Energy Fund and its affiliates as well as against Houlian Chen, Powhatan's chief trader, for violating FERC's anti-manipulation rule. FERC ordered Powhatan...
Federal District Court Denies Barclays Motion to Dismiss FERC Petition Which Alleges Manipulation and Assesses Significant Penalties
For the past two years we have been tracking and reporting on an enforcement proceeding brought by the Federal Energy Regulatory Commission ("FERC") against Barclays Bank PLC ("Barclays"), Daniel Brin, Scott Connelly, Karen Levine, and Ryan Smith (collectively, the "Traders"...
FERC Enforcement Developments
During the past few months, there have been a number of important developments concerning FERC enforcement matters. FERC Enforcement staff is involved in four cases that are currently in litigation either before a FERC administrative law judge or in Federal...
FERC Enforcement - What to Expect in 2015
The Federal Energy Regulatory Commission's (FERC's) Office of Enforcement (Enforcement) recently released its annual report on enforcement activities for 2014. As is typical, Enforcement identified its primary concerns as detecting and deterring fraud and manipulation in its markets and ensuring...
FERC Policy Proposal "“ More Modernization Trackers?
At its November 20, 2014 meeting, FERC issued a policy proposal to facilitate the recovery of the costs associated with improving pipeline safety and reducing emissions. Recognizing the fact that several pipeline safety and environmental initiatives will be facing the...
Election 2014: Geopolitics and LNG Exports
Eric Washburn*, partner in the Policy Resolution Group, discusses the prospects for increased LNG exports with founding partner Scott Segal. He analyzes several factors that may contribute to a bipartisan push in the new Congress for legislation to allow increased...
Election 2014: Outlook for Crude Oil Export Policy
Josh Zive, senior counsel in the Policy Resolution Group, and founding partner Scott Segal discuss the prospects for ending the ban on crude oil exports in the wake of the 2014 midterm elections. Laws and regulations relating to crude oil...
Oil & Gas Regulatory Symposium 2014
Oil and gas industry leaders and Bracewell attorneys discuss the most pressing regulatory issues facing energy companies today.
CFTC Seeks Input on Dodd-Frank Implementation Issues Affecting Energy End-Users
With most of its rules implementing the swap regulatory provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") in place, the Commodity Futures Trading Commission ("CFTC") is seeking new public input on several aspects of its Dodd-Frank...
FERC Confirms the Long Reach of Open Access Requirements
This week the Federal Energy Regulatory Commission (FERC) put to rest any doubt that transmission rights pursuant to a pre-Order No. 888 transmission service agreement are subject to the FERC's open access regime when the agreement is modified or becomes...
Third Circuit Asks U.S. Attorney General for Opinion on Federal Power Act Pre-emption of State Law
In an unusual move, on February 21, 2014 the Court of Appeals for the Third Circuit ("Third Circuit") asked the U.S. Attorney General for his opinion as to whether the Federal Power Act ("FPA") preempts New Jersey's Long Term Capacity...
Paper Company, Arguing that FERC Lacks Jurisdiction over Demand Response, Files Motion to Dismiss FERC Manipulation Action
On December 2, 2013, FERC filed a Petition for an order affirming its assessment of a civil penalty in the District of Massachusetts against Lincoln Paper and Tissue, LLC ("Defendant"), alleging that the Defendant engaged in a manipulative scheme as...
FERC Responds to Barclays Motion to Dismiss as Without Merit and so Aggressive That if Granted it Could "Eviscerate" FERC's Ability to Regulate Wholesale Power Markets
On July 16, 2013, the Federal Energy Regulatory Commission ("FERC") issued an order finding Barclays Bank PLC ("Barclays"), Daniel Brin, Scott Connelly, Karen Levine, and Ryan Smith (together with Barclays, "Defendants") in violation of FERC's anti-manipulation regulations and assessed significant...
Could You Be A Commodity Trading Advisor or Commodity Pool Operator and Not Know It?
As the Commodity Futures Trading Commission's ("CFTC") Division of Swap Dealer and Intermediary Oversight recently reminded market participants in a Staff Advisory , entities that meet the definition of a commodity trading advisor ("CTA") are subject to various regulatory requirements...