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Energy
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March 27, 2024
AI Software Co. Hid Oil Biz Partnership's Collapse, Suit Says
Executives and directors of artificial intelligence company C3.ai Inc. have been hit with a shareholder derivative suit in California federal court claiming they failed to disclose that the company's partnership with oil company Baker Hughes Co. was falling apart and that its sales team was experiencing high turnover.
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March 27, 2024
BlackRock's Non-ESG Funds Have Green Agenda, Miss. Says
Mississippi's secretary of state announced Wednesday that it intends to fine BlackRock multiple millions of dollars, alleging the asset manager has repeatedly made false and misleading statements about its involvement in "pushing" environmental, social and corporate governance factors on portfolio companies.
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March 27, 2024
Energy Co. Origis Exits Investor Suit Over Devalued Shares
Renewable energy company Origis USA Inc. has escaped a suit by former shareholders after a New York federal judge concluded that the plaintiffs failed to show that the company was privy to an alleged scheme by its now-former CEO to induce them to sell their stakes for considerably less than the $1.4 billion they were later sold for.
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March 27, 2024
Texas Appeals Court Nixes Injunction In Bitcoin Mining Dispute
A Texas state appeals court chucked a temporary injunction Wednesday that would have forced a property owner to keep providing electricity and access to a bitcoin mining company, ruling Thursday that the injunction was lacking in specifics and insufficient under Texas law.
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March 27, 2024
Tribes Want Climate Change Row With Oil Cos. In State Court
Two Native American tribes urged a Washington federal court to remand their consolidated case against ExxonMobil, BP, Shell, Chevron, ConocoPhillips and Phillips 66 back to state court, arguing they've only asserted state-law causes of action.
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March 27, 2024
Alamos Gold Strikes $325M Deal For Canadian Mine
Alamos Gold Inc. and Argonaut Gold Inc. announced Wednesday that they have inked an approximately $325 million deal steered by Torys LLP and Bennett Jones LLP for Alamos to acquire an Argonaut gold mine located in Ontario, Canada.
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March 27, 2024
BLM Finalizes Methane Venting And Flaring Rule
The U.S. Bureau of Land Management on Wednesday announced its final rule meant to cut the amount of methane released at energy production facilities by reducing leaks and tightening limits on a process known as flaring.
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March 27, 2024
FERC Finds Fans And Foes Of Wall Street's Utility Ownership
The deadline has just passed for initial comments on the Federal Energy Regulatory Commission's reexamination of its policy for allowing financial firms to own electric utilities. Here's a recap of what FERC is contemplating and the initial feedback the agency has received from players throughout the U.S. power sector.
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March 27, 2024
Colo. Judge Unplugs Vague EV-Maker Investor Suit
A Colorado federal judge has dismissed a shareholder suit against commercial electric vehicle company Lightning eMotors, agreeing with a magistrate judge's conclusion that the shareholders failed to bring specific allegations that the company knowingly misled investors on matters like its production capacity.
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March 27, 2024
DOE, Holtec Ink $1.5B Loan To Restart Mich. Nuclear Plant
The U.S. Department of Energy on Wednesday unveiled an up to $1.52 billion loan to Holtec Palisades aimed at financing a first-of-its-kind nuclear power plant restoration project for the previously shuttered Palisades Nuclear Plant in Covert Township, Michigan.
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March 27, 2024
Boston Strikes Novel Deal To Contract For Offshore Wind
Boston Mayor Michelle Wu on Wednesday announced a novel deal between the city and energy company Avangrid Inc. to purchase up to 15 megawatts of wind-generated electricity from the company, contingent on Avangrid winning a multistate bidding process for new offshore development.
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March 27, 2024
Judge Won't Sift Through IP Docs For Oil Co.'s Counterclaims
A Colorado federal judge said it's "patently unreasonable" to expect her to comb through hundreds of pages to find support for an oil and gas equipment maker's patent invalidity allegations, as she dismissed three of the company's counterclaims.
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March 27, 2024
McDermott Completes Global Restructuring
Texas-based energy industry construction firm McDermott International has announced the company successfully completed its cross-border restructuring in the Netherlands and the U.K., noting it has arranged to extend its debt maturities by three years and resolve arbitration liabilities.
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March 27, 2024
Illegally Stored Oil Waste Threatens Ohio River, AG Suit Says
The Ohio attorney general wants a state court to force the removal of tons of oil and gas industry waste illegally stored near the Ohio River that threatens to contaminate nearby drinking water sources.
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March 27, 2024
Dykema-Led CPS Energy Buying Texas Gas Assets For $785M
Dykema Gossett PLLC-advised CPS Energy has agreed to buy a Texas power generation portfolio from Talen Energy Corp. for $785 million, the companies said Wednesday.
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March 26, 2024
Jackson Paints Abortion Clash As Microcosm Of Bigger Brawl
A war of words Tuesday at the U.S. Supreme Court over access to abortion medication marked a climactic moment after a lengthy legal slugfest. But probing questions from Justice Ketanji Brown Jackson illustrated that the main event for reproductive rights was also simply a single round in a much larger fight over the government's regulatory powers.
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March 26, 2024
8th Circ. Urged To Freeze SEC Climate Rules Once More
An energy company suing the U.S. Securities and Exchange Commission over its recently finalized climate disclosure rules urged the Eighth Circuit on Tuesday to stay the implementation of the rules, after a stay granted by the Fifth Circuit was recently lifted following the consolidation of various related lawsuits.
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March 26, 2024
Pennsylvania, Crypto Miner Sued Over Enviro Contamination
A Pennsylvania environmental group sued the Keystone State and a crypto-mining company Tuesday in Philadelphia County Court accusing the state of failing to protect its residents from the company's purported six million tons of carbon dioxide emissions per year.
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March 26, 2024
Judge To Let McDermott Investors Seek 2-Subclass Cert.
A Texas federal judge has declined to certify a proposed class of investors in energy industry engineering company McDermott International Inc., siding with a magistrate judge who recommended dismissing the class certification bid so the investors could refile and seek certification for two investor subclasses.
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March 26, 2024
WTO Calls On Australia To Amend Steel Duties On China
A World Trade Organization panel on Tuesday ruled that Australia flouted certain measures of the intergovernmental organization's so-called Anti-Dumping Agreement when calculating duties on wind towers, stainless steel sinks and railway wheels from China.
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March 26, 2024
9th Circ. Says Tanker Can't Be Used To Enforce $10M Debt
The Ninth Circuit affirmed on Monday that a nearly 800-foot crude oil tanker could not be seized to enforce some $10 million in arbitral awards against a defunct gas shipping company, ruling that the plaintiffs couldn't prove the tanker's owner had helped to hide the shipping company's assets.
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March 26, 2024
Oil Cos. Say Partner Kept Them In The Dark On New Facilities
A group of Colorado oil and gas companies have accused a Texas energy company they partnered with of secretly building and running pipelines and other infrastructure to support North Dakota oil and gas wells, cutting the Colorado companies out of their share.
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March 26, 2024
Ukrainian Gas Cos. Say Russia Can't Escape $35M Award
Several Ukrainian gas companies have urged a D.C. federal court not to grant Russia's bid to toss their claims seeking to enforce a nearly $35 million arbitral award against the Kremlin, saying the arbitrators already rejected Russia's claims that an underlying treaty doesn't apply.
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March 26, 2024
6th Circ. Won't Let Propane Retailer Nix EEOC's Subpoena
The Sixth Circuit said Tuesday that Ferrellgas LP must provide the U.S. Equal Employment Opportunity Commission with information it requested as part of an investigation into a sex and race discrimination charge, backing a lower court's conclusion that the request wasn't too expansive.
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March 26, 2024
SPAC Investors Misled In $1.35B Stem Deal, Del. Suit Says
A former stockholder of a blank-check company that merged with intelligent energy storage business Stem Inc. filed a proposed class action in Delaware's Court of Chancery Tuesday, alleging breaches of fiduciary duty and unjust enrichment in connection with the April 2021 merger.
Expert Analysis
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A Gov't Contractor's Guide To Davis-Bacon Prevailing Wages
Excerpt from Practical Guidance
In light of shifting federal infrastructure priorities and recent updates to U.S. Department of Labor regulations, employers should take the time to revisit the basics of prevailing wage requirements for federal contractors under the Davis-Bacon Act and similar laws, says Timothy Taylor at Holland & Knight.
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IRA Monetization Energizes Clean Power Tax Credit Market
Recent large sales of clean energy production tax credits reflect an environment in which the Inflation Reduction Act's provisions for monetizing such credits via direct transfer — bypassing slow, costly tax equity transactions — offer opportunities for both developers and investors, says Andrew Eastman at Husch Blackwell.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Business Takeaways From Biden's Global Labor Rights Memo
President Joe Biden's recent memorandum on protecting worker rights is one of the most expansive statements the administration has made regarding international labor rights policy, and reflects several points of which businesses should take note, including the government’s interest in working with the private sector on these issues and a notable focus on the transition to clean energy, say Tom Plotkin and Pegah Nabili at Covington.
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Superfund Site Reopenings Carry Insured Risk, Opportunity
The U.S. Environmental Protection Agency's reported plans to reopen certain Superfund sites citing the presence of per- and poly-fluoroalkyl substances raise notable liability concerns, but may also present unique opportunities for policyholders under the Comprehensive Environmental Response, Compensation, and Liability Act, say attorneys at Haynes and Boone.
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Why NYC Building Owners Shouldn't Ignore Emissions Rule
New rules from the New York City Department of Buildings clarify the previously vague good faith efforts that building owners may make to mitigate penalties for not complying with a major carbon emission law that takes effect in January, and should discourage owners from simply paying the fines instead of decarbonizing, says William McCracken at Moritt Hock.
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New Regs Will Strengthen Voluntary Carbon Offset Market
Voluntary carbon offsets are a vital tool for organizations seeking to achieve net-zero greenhouse gas emissions — and recent efforts by the U.S. Commodity Futures Trading Commission, the U.S. Department of Agriculture, the state of California and others are essential to enhancing the reliability and authenticity of carbon credits, says David Smith at Manatt.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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Unpacking Long-Awaited Clean Energy Tax Credit Guidance
Recently proposed Internal Revenue Service regulations provide welcome confirmatory guidance on the application of investment tax credits as reworked by 2022's Inflation Reduction Act, prevailing wage and apprenticeship rules that are largely consistent with market expectations, and broader eligibility criteria that should please the wind power industry in particular, say attorneys at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Expanding EPA's Universal Waste Rule For Renewable Energy
The U.S. Environmental Protection Agency plans to modify and expand the Resource Conservation and Recovery Act's universal waste rule to include lithium batteries and solar panels next year, which could intensify current standards in some cases, but weaken them in others, says Aaron Goldberg at Beveridge & Diamond.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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Calif. Resource Adequacy Update May Revalue Power Projects
The California Public Utilities Commission's recently initiated proceeding to overhaul its resource adequacy framework — part of an effort to maintain the reliability of the state's power system while decarbonizing it — could have significant effects on the valuation of existing and future power generation resources, say Nicholas Gladd and Max Learner at Wilson Sonsini.
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Forecasting The Impact Of High Court Debit Card Rule Case
John Delionado and Aidan Gross at Hunton consider how the U.S. Supreme Court's forthcoming ruling in a retailer's suit challenging a Federal Reserve rule on debit card swipe fees could affect agency regulations both new and old, as well as the businesses that might seek to challenge them.