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Bracewell is among the leading law firms in standardized and structured transactions involving physical and financial power, 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

First Reserve Corporation — long term hedge arrangement to enable the acquisition and financing of the 298 MW Kingfisher Wind Project located in Oklahoma; named “Commodities Deal of the Year” at the 2015 Commodity Business Awards, “2015 Financial Deal of the Year” at the Platt s Global Energy Awards and “Deal of the Year” at the 2016 Energy Risk Awards

First Solar, Inc. — 20-year power purchase agreement with Austin Energy to sell power and environmental attributes from a 119 MW solar farm to be constructed in Texas

Freeport Power Limited — amended and restated offtake agreement for a combined cycle power generation facility located at Dow Chemical Company’s Oyster Creek facility

Independent oil and natural gas exploration and production company — multiple secured arrangements to act as sole supplier of wholesale power to various retail electric companies located across the United States

InterGen — gas supply arrangements for a 1,100 MW power generation facility located in Mexico

JPMorgan — contract issues relating to restructuring of PJM energy and capacity purchases and sales resulting from the sale of its Brandywine facility, including a FERC dispute brought by Southern Maryland Electric Cooperative

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

Multiple power marketers — U.S.-Mexico cross-border power and gas supply agreements with the Comisión Federal de Electricidad (CFE) in Mexico and other counterparties

Pattern Energy Group LP and Capital Dynamic, Inc. — project secured hedges that enabled the debt and tax equity financing of seven different wind farms, with an aggregate generation capacity of 1250 MW of wind production

Power Generator — restructuring of physical tolling agreements for a 1,900 MW portfolio of natural-gas fired power plants by replacing such agreements with financially settled heat rate call options and securing separate long term physical gas supply

Power generator — restructuring of project asset secured physical tolling arrangements on a 1,900 MW portfolio of natural gas-fired power plants by replacing such arrangements with financially settled heat rate call options

Power Marketer — structuring and negotiating a $200 million secured trading facility with a complex collateral arrangement using PJM capacity revenues to support the trading relationship

Recurrent Energy, LLC — 20-year power purchase agreement with Austin Energy to sell power from a 150 MW solar farm to be constructed in Texas, which upon completion will be the single largest solar facility in Texas

Riverstone Energy — portfolio companies in commodity hedging and energy management arrangements for their respective natural gas and coal-fired power plants located in PJM and ERCOT, with an aggregate generation capacity in excess of 5,000 MW

Skylar Energy LP — sale and novation of a portfolio of power trading transactions

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

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