6th Circ. Torn Over FERC's Power Deal Authority In Ch. 11
Law360 (June 26, 2019, 8:35 PM EDT) -- A Sixth Circuit panel appeared split Wednesday over whether the Federal Energy Regulatory Commission should have a say in whether utilities can abandon power purchase agreements in bankruptcy and how to reconcile FERC's public interest obligations with preserving the interests of a bankrupt estate and its creditors.
FERC, along with electricity cooperative Ohio Valley Electric Corp., wants the appeals court to nix an Ohio bankruptcy court's August ruling blocking it from taking any action on FirstEnergy Corp.'s bankrupt merchant unit, FirstEnergySolutions Corp., rejecting a wholesale PPA with OVEC.
FERC claims the ruling usurps its Federal Power Act authority over wholesale power...
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