Energy

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Cadwalader, Wickersham & Taft LLP: ‘Such a Fact Pattern Does Not a $5 Million Penalty Make’
Posted on 27 May 2015 by Cadwalader, Wickersham & Taft LLP

By Doron Ezickson , Thomas Millar and Katherine Vorhis Or so says one dissenting FERC Commissioner in the recent Maxim Power enforcement proceeding. 1 On May 1, 2015, FERC issued an order assessing civil penalties (the “Order”) of $5 million... Read More

Cadwalader Client & Friends Memo: Clear Rift Highlighted by Commissioners’ Lack of Action on New England’s Most Recent Forward Capacity Auction Results
Posted on 1 Oct 2014 by Cadwalader, Wickersham & Taft LLP

On September 16, 2014, the Federal Energy Regulatory Commission’s four Commissioners issued statements explaining a 2-2 deadlock between Chairman LaFleur and Commissioner Moeller on the one hand and Commissioner Clark and new Commissioner Bay on... Read More

Cadwalader: Tariff Compliance Is Not Enough: FERC Imposes Nearly $35 Million in Penalties and Disgorgement Against Powhatan Energy Fund and Trading Associates
Posted on 3 Jun 2015 by Cadwalader, Wickersham & Taft LLP

On May 29, 2015, the Federal Energy Regulatory Commission ( “FERC” ) issued an Order against Powhatan Energy Fund, LLC and its trading partners, Dr. Houlihan Chen, HEEP Fund, LLC and CU Fund, Inc. (together, “Powhatan” ). FERC... Read More

Cadwalader, Wickersham & Taft LLP: CFTC Issues Proposed Order to Exempt Certain SPP Transactions from Regulation Under Most Provisions of the CEA and CFTC Rules
Posted on 27 May 2015 by Cadwalader, Wickersham & Taft LLP

By Paul Pantano , Sohair Aguirre and Lamiya Rahman On May 19, 2015, the Commodity Futures Trading Commission (“ CFTC ” or “ Commission ”) issued an order in response to an application from Southwest Power Pool, Inc. (“... Read More

Cadwalader: Initial Decision Finds that BP Manipulated 2008 Natural Gas Market in Texas
Posted on 18 Aug 2015 by Cadwalader, Wickersham & Taft LLP

Introduction On August 13, 2015, a Federal Energy Regulatory Commission (“ FERC ” or “ Commission ”) Administrative Law Judge (“ ALJ ”) issued an initial decision in which she found that BP America Inc. et al. (“... Read More

Cadwalader: REMIT: The Road to Enforcement
Posted on 8 Jul 2015 by Cadwalader, Wickersham & Taft LLP

Following a number of recent developments, described below, the rules and regulations enacted under the European Union (EU) Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT) are now close to being fully-implemented. Market participants... Read More

Cadwalader Clients & Friends Memo: FERC and CFTC Reach Agreement on Information Sharing and Jurisdiction
Posted on 9 Jan 2014 by Cadwalader, Wickersham & Taft LLP

After a fair amount of back-channel arm-twisting, the two agencies with principal (and sometimes overlapping) jurisdiction over energy commodities have reached agreement on two memoranda of understanding (“ MOUs ”) required by the Dodd-Frank... Read More

Cadwalader: Gloves Are Off: FERC Issues Public Notice of Alleged Violations in Powhatan Investigation
Posted on 12 Aug 2014 by Cadwalader, Wickersham & Taft LLP

On August 5, 2014, the Federal Energy Regulatory Commission ( "FERC" ) issued a public Staff Notice of Alleged Violations ( "NAV" ) regarding alleged manipulative Up To Congestion trading by Powhatan Energy Fund (Powhatan) in the PJM... Read More