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Inflation Reduction Act
Beginning October 12th All Book-Outs Must Be Confirmed To Avoid CFTC Regulation
The Commodity Futures Trading Commission (CFTC) rule defining the term "Swap" (Products Rule) becomes effective October 12, 2012. 1 In the Products Rule, the CFTC exempted forward contracts (physically delivered contracts which are not commodity options) from inclusion as Swaps...
The SEC's New Resource Extraction Issuer Rules – Broad, Vague, Costly, Anti-competitive, and Requiring Immediate Action
Introduction. On August 22, 2012, the Securities and Exchange Commission adopted new rules imposing significant new disclosure obligations on resource extraction issuers (“REIs”). The rules, which implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, require...
PJM IBTs - What Is Going On?
There is another development in the PJM Internal Bilateral Transactions (IBT) saga. PJM appears to have indirectly threatened to investigate parties that seek to comment on and help resolve the generic issues raised by PJM's interpretation of its tariff and...
Electricity Buy/Sells: Permitted, Prohibited, or Simultaneous Exchanges?
Recently the Federal Energy Regulatory Commission clarified the regulatory status of a type of energy transaction called a "Simultaneous Exchange." However, at the same time, the Commission has created ambiguity in a related area. That is, whether electricity Buy/Sell transactions...
Priority Access on Interconnection Lines: FERC's Policy Under Review
The Federal Energy Regulatory Commission recently issued a Notice of Inquiry seeking comment on whether and/or how FERC should revise its current policy concerning priority rights on interconnection lines that connect generators to the larger transmission grid. Comments are due...
Companies File Rehearing Requests on PJM Western Hub IBT Issue
As previously noted in an Energy Legal Blog post on March 19 , in an order resolving a complaint filed by DC Energy, LLC and DC Energy Mid"Atlantic, LLC against PJM Interconnection LLC (PJM), the Federal Energy Regulatory Commission (FERC)...
FERC Order Appears to Find Most PJM Internal Bilateral Transactions Improper
In an order resolving a complaint filed by DC Energy, LLC and DC Energy Mid-Atlantic, LLC against PJM Interconnection LLC (PJM), 1 the Federal Energy Regulatory Commission (FERC) has ruled that in order for an Internal Bilateral Transaction (IBT) to...
FERC Decides to Retain Existing Merger Review Policies
On February 16, 2012, FERC issued an order ( February 16 Order ) reaffirming its existing merger review policies under Section 203 of the Federal Power Act (FPA) and its current framework for analyzing requests for market-based rate authority under...
FERC Orders Prior Authorization for a Subcategory of Locational Exchanges of Power
On February 16, 2012, FERC issued two orders regarding locational exchanges of wholesale electric power, the implications of which will require prior authorization for a subset of future locational exchanges. FERC also indicated that its decisions might result in modifications...
Pipeline Q&A: New Liquids Production, Shale Plays and Regulatory Challenges
Mark Lewis , an oil & gas attorney and Managing Partner of Bracewell & Giuliani's Washington, D.C. office, discussed some of the latest issues affecting the oil and gas industry with Pipeline & Gas Journal editor Jeff Share. On the...
Here We Go Again: Another Attempt at Recovery for Ratepayers Resulting from KeySpan-Morgan Stanley Swap
Another class action lawsuit has been filed against KeySpan Corporation (KeySpan) and Morgan Stanley Capital Group Inc. (Morgan Stanley), claiming damages for antitrust violations resulting from an allegedly illegal swap agreement that allowed KeySpan to manipulate energy prices in the...
Top 12 Energy Issues for '12
With the 2012 election year upon us, it promises to be an interesting year in energy politics and policy. Here are 12 (really 13 because of some creative headline writing) issues that will keep the sector hopping this year. 1...
Court Finds FERC Overstepped Jurisdictional Boundaries with Order 720
A panel of the United States Court of Appeals for the Fifth Circuit has vacated the Federal Energy Regulatory Commission's (FERC) Order Nos. 720 and 720-A , which imposed new requirements on non-interstate pipelines not normally subject to FERC's jurisdiction...
Big Brother Is Watching: FERC Proposes to Increase Market Surveillance
Citing the ever-increasing volume and complexity of physical and financial trading in the regional transmission organizations (RTO) and independent system operators (ISO), the Federal Energy Regulatory Commission (Commission) issued a Notice of Proposed Rulemaking (NOPR) on October 20, 2011. If...
FERC Tightens Credit Practices in Organized Markets
A final rule that tightens and standardizes credits practices for organized wholesale electricity markets "” independent system operators (ISO) and regional transmission organizations (RTO) "” was issued by FERC October 21. To comply with the credit practices prescribed in the...