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Bracewell is among the leading law firms in standardized and structured transactions involving physical and financial power, oil, gas and other commodities.  We bring a unique perspective with several lawyers on our team who have had in-house experience working for commodity trading businesses as well as experience with federal energy commodity regulators.  Our lawyers are intimately familiar with agreements promulgated by the International Swaps and Derivatives Association and the North American Energy Standards Board and have significant experience with structured commodity transactions, acquisitions and divestitures involving trading portfolios and compliance with related regulations.

Experience

Recent Notable Matters

Calpine Energy Solutions — multiple secured arrangements to act as sole supplier of wholesale power to various retail electric companies located across the United States

Consortium of utilities — tolling agreement with respect to a 300 MW natural gas facility

Direct Energy — litigation involving a dispute concerning production tax credit payments to west Texas wind farms under power purchase agreements

JPMorgan Chase — JPM capacity sales agreement and a physical heat rate call option

Juwi Solar and various solar clients — integrating into RTO's including becoming credentialed to sell power into the market

Multinational investment bank and financial services company — hedge provider to numerous energy, manufacturing, and other companies with respect to hedges secured by shared liens on assets and related intercreditor agreements

Power marketer  multiple secured arrangements to act as sole supplier of power and sole provider of working capital to various retail electric companies located in Maine, New Hampshire, Pennsylvania, Maryland, Massachusetts, and New York

Power marketer  sleeving power to a large retail electricity provider located in Texas

Tenaska, Inc. — development, project financing, offtake and purchase agreements with Brownsville Public Utilities Board for construction of a 800 MW natural gas-fueled combined cycle electric generation station in Brownsville, Texas

First Reserve Corporation — 20 year hedge arrangement with Morgan Stanley to enable the acquisition and financing of the 298 MW Kingfisher Wind Project located in Oklahoma; named 2016 "Deal of the Year" at the  Energy Risk Awards, 2015 "Commodities Deal of Year" at the Commodity Business Awards and "2015 Financial Deal of the Year" at the Platts Global Energy Awards, and noted by Platts as standing out for the "innovative nature of its contract and financing structure"

Leading food products manufacturer — long term agreement to purchase power from a behind-the-meter fuel cell located at its manufacturing facility in California

Private equity firm — long term purchase of physical power and renewable energy credits in WECC

Capital Dynamics — project secured hedges to enable the debt and tax equity financing of the Green Pastures I, Green Pastures II, and Briscoe wind farms located in ERCOT, with an aggregate generation capacity of 450 MW

Recurrent Energy, LLC — secured hedges for multiple utility scale solar facilities located in California

Refinery owner and operator — tolling agreement to process Doba Crude for an international oil company

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Oil & Gas Deal-Doing in Mexico: Current Trends & Future Prospects

Manuel Vera, Jeffery B. Vaden, Darren Spalding and Adam Blythe of Bracewell, and Manuel Cervantes of MCM Abogados discuss deal trends in Mexico and the future of the oil and gas market...

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