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Energy
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May 9, 2013
Canada Pushes EU On Tar Sands Emission Classification
Canada on Wednesday described the European Union's plan to designate tar sands oil as more polluting than conventional crude as "discriminatory," but indicated that the long-running dispute would not get in the way of a proposed trade pact intended between Canada and the EU.
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May 9, 2013
Sens. Want New Sanctions On Iran Currency Transactions
A bipartisan group of senators introduced legislation Wednesday that would tighten economic sanctions on Iran by blocking the nuclear-aspirant country's access to foreign currency reserves.
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May 9, 2013
GOP Senators Derail EPA Nominee Vote With Boycott
The eight Republican Senators sitting on the Senate Environment and Public Works Committee blocked Tuesday's confirmation vote on the White House's pick to lead the U.S. Environmental Protection Agency by refusing to show up, claiming nominee Gina McCarthy hasn't answered all of their questions.
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May 8, 2013
FERC Mulls Market Manipulation Action Against JPMorgan
The Federal Energy Regulatory Commission is considering a possible enforcement action against JPMorgan Chase & Co. related to a probe into a JPMorgan energy unit’s alleged electricity market manipulation in California and the Midwest, the banking giant said Wednesday.
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May 8, 2013
Syrian Oil Still Risky Business As EU Yanks Embargo
The European Union recently lifted its oil embargo against Syria in the hopes of financially boosting rebels in the war-torn Middle East nation, but attorneys warn that European companies contemplating doing business with the opposition risk lawsuits over purchasing illegitimate oil and could easily trip over a U.S. embargo still in effect.
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May 8, 2013
Petronas Eyes Brazil With $850M Oil Block Buy From OGX
A subsidiary of Malaysian energy firm Petroliam Nasional Bhd. has reached an $850 million deal to purchase an interest in two offshore oil blocks in Brazil’s Campos Basin from oil company OGX Petroleo e Gas Participacoes SA, according to a Sunday statement.
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May 8, 2013
Chesapeake Wins Bid To Buy Back $1.3B In Bonds
A New York federal judge Wednesday sided with Chesapeake Energy Corp. in its bid to call back and refinance $1.3 billion in bonds, rejecting arguments from trustee Bank of New York Mellon that the energy company had moved too late in redeeming the notes.
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May 8, 2013
Chevron, Noble Say Enbridge Pipeline Rates Are Too High
Chevron Products Co., Noble Energy Inc. and other petroleum makers asked the Federal Energy Regulatory Commission on Tuesday to reject proposed rates for the 500-mile Seaway crude oil pipeline run by Enbridge Inc. and Enterprise Products Partners LP's, arguing that the prices are unreasonably high.
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May 8, 2013
Enron's Skilling Could Cut Decade Off Sentence Under Deal
Disgraced former Enron Corp. CEO Jeff Skilling could be released from prison as early as 2017 under a deal reached with prosecutors that would allow for more than $40 million in restitution to be distributed to the victims of Skilling’s fraud, according to documents filed in Texas federal court on Wednesday.
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May 8, 2013
Utilities Need PUC Approval To Seek Condemnation: Pa. Court
Utilities initiating legal action to have properties condemned for the purposes of renewing easements and rights-of-way must first have any potential new projects approved by the Pennsylvania Public Utility Commission, a state appeals court ruled Wednesday.
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May 8, 2013
Enbridge Eyes $300M Upgrades As Oil Sands Production Rises
Enbridge Inc., Canada's top pipeline operator, on Tuesday pledged to funnel CA$300 million (US$299 million) into expanded infrastructure in the lead-up to a production increase from the Surmont oil sands project, a sprawling joint venture in northern Alberta owned by ConocoPhillips and Total SA.
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May 8, 2013
Shell Sets Off On Landmark Ultra-Deepwater Gulf Project
Royal Dutch Shell Plc on Wednesday said it will begin construction in the Gulf of Mexico on what proposes to become the deepest oil and gas production facility in the world, hot on the heels of another venture in the same area.
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May 8, 2013
EU High Court Upholds €182M Eni Rubber Cartel Fine
The European Union's highest court on Wednesday ordered Eni SpA to pay a €181.5 million ($238.9 million) rubber cartel fine, rejecting the Italian energy company's claims that it shouldn't be on the hook for its subsidiary's behavior.
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May 8, 2013
Conoco Scores Space In Houston's Coveted Energy Corridor
Energy giant ConocoPhillips Co. has put itself down for 850,000 square feet in two new Class AA buildings that are being built by Trammel Crow Co. and Principal Real Estate Investors in Houston's hotly desired Energy Corridor, according to a Tuesday statement.
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May 8, 2013
Entergy Can't Block Vt.'s $13M Plant Levy, 2nd Circ. Hears
The state of Vermont on Tuesday hit back at Entergy Corp.’s attempt to block a $13 million annual levy imposed on its Vermont Yankee nuclear power plant, telling the Second Circuit that the levy was a tax the state was allowed to impose without federal interference.
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May 8, 2013
Ex-BP Exec's Steptoe Counsel May Have Conflict, Feds Say
Federal prosecutors said Tuesday that a Steptoe & Johnson LLP attorney defending David Rainey, BP PLC's second-in-command during the Deepwater Horizon disaster, may have a conflict of interest and asked the defense to disclose some of its expected testimony in the case.
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May 8, 2013
DOJ Enviro Chief To Step Down In June
The nation's top environmental cop, who extracted billion-dollar civil penalties over the Deepwater Horizon oil spill and successfully defended the U.S. Environmental Protection Agency's landmark greenhouse gas emissions rules, said Wednesday she would leave the U.S. Department of Justice early next month.
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May 8, 2013
EPA Issues Restrictions On New Uses For Industrial Chemicals
The U.S. Environmental Protection Agency on Wednesday issued a final rule requiring chemical companies to inform it before manufacturing, processing or importing any of 15 certain chemical substances for an intended new use, including a chemical used in oil and natural gas well drilling.
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May 8, 2013
EU To Impose Duties On Chinese Solar Panels
The European Commission on Wednesday agreed to impose duties on solar panels imported from China, EU sources confirmed, marking the most significant action to date taken to protect European manufacturers which have long accused Chinese businesses of dumping solar energy products.
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May 8, 2013
McKool Smith Lands International Trial Wiz From Hogan
McKool Smith PC has landed a veteran trial attorney from Hogan Lovells who specializes in cross-border litigation and international arbitration, particularly in the energy and banking sectors, as a principal in its Houston and New York offices, the firm said Tuesday.
Expert Analysis
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UK Lift Of Fracking Moratorium Brings Positive Reaction
Recently, the British government announced that it is lifting its ban on hydraulic fracturing to extract natural gas from shale deposits. The government’s actions provide an example of cautious, deliberate and science-based decision-making, say Robert Alessi and Jeffrey Kuhn of DLA Piper.
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Takeaways From FERC's Recent Due Diligence Order
Recently, the Federal Energy Regulatory Commission issued an order to resolve whether EnerNOC Inc. submitted inaccurate metering data to independent system operator New England without exercising due diligence. In light of this settlement, companies should maintain systems to remind employees of periodic regulatory filings and be diligent in all communications with FERC and other regulatory bodies, says Michael Brooks of Bracewell & Giuliani LLP.
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What To Know When Investing In Energy Efficiency
Many financial institutions are trying to figure out ways to invest significant amounts of capital in energy efficiency as government incentives expire for renewable energy. Energy efficiency investments promise attractive financial returns, but potential investors should note the several obstacles to such investments, says James Berger of Chadbourne & Parke LLP.
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The Time Is Now To Invest In Natural Gas Vehicles
The use of vehicles fueled by natural gas is, albeit slowly, continuing to gain ground and acceptance as a viable alternative to diesel fuel for commercial vehicles. Companies should now invest in the development of infrastructure and consider regulatory-related issues of natural gas vehicles to get ahead of the curve and receive handsome dividends in the long term, say Paul Avron and Doug Bates of Berger Singerman LLP.
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Alaska's Take On Habitat Designation: Next Steps For DOI
Recently, the U.S. District Court for the District of Alaska set aside the U.S. Fish and Wildlife Service’s final rule designating critical habitat for the polar bear under the Endangered Species Act, saying that the service's action was "arbitrary, capricious and procedurally errant." Unless overturned on appeal, this decision means that the service will have to redesignate the critical habitat and repropose the designation, say attorneys with Bingham McCutchen LLP.
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High-Cost Debt Refinance — Is Everybody Going Dutch?
With interest rates near historic lows, many issuers are seeking ways to refinance high-cost debt. Unfortunately, in the current low interest rate environment, standard make-whole redemption provisions result in high premiums, eroding or eliminating the economic benefit. An alternative approach is for an issuer to tender for outstanding debt, and a way to minimize the cost of a tender is to introduce the element of competition through a modified Dutch auction, say attorneys with Hunton & Williams LLP.
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The Debate On State-Sponsored Power Plants Continues
A recent report prepared by Continental Economics for the Compete Coalition finds that state-sponsored electric generating plants raise costs for customers and jeopardize reliability. This report comes at a time when parties are debating the merits of a potential new state-sponsored power plant in Massachusetts, and the continued debate will have major impacts on the nation’s electricity markets, say attorneys with Bracewell & Giuliani LLP.
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How To Offset The Risk Of Gov't Nonpayment
A non-appropriation clause in a government contract allows the government entity to terminate its obligations in the event money for payments is not appropriated by the state legislature, county council or other legislative body. To mitigate this risk, a company intending to sell electricity, lease equipment or provide energy savings to a government entity should consider several safeguards that can be included in such contracts, say Amanda Forsythe and John Marciano of Chadbourne & Parke LLP.
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Increasing Federal Regulation: NY Shale Development Part 2
As the development of shale gas and the public interest in shale gas development continue to grow in New York and elsewhere, federal involvement will also likely continue to grow. There are a number of outstanding federal issues that are likely to culminate in the months and years ahead, say attorneys with Hiscock & Barclay LLP.
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Hot Investment Areas For REITs
In recent years, there has been a steady evolution of real estate investment trusts and an increase in entities that have announced their intent to convert to REIT status, as well as an expansion of asset categories that they hold and the corresponding income sources. This progression likely will continue in the future, and new areas to watch include renewable energy assets — such as wind and solar projects — and, in the mortgage REIT sector, excess mortgage servicing rights, say David Levy and Carl Riley of Skadden Arps Slate Meagher & Flom LLP.