Monthly Archives: May 2014

FERC Orders Evidentiary Hearing for Alleged Market Manipulation by BP

By Christopher Polito and Paul Pantano On May 15, 2014, the Federal Energy Regulatory Commission (FERC) issued an order setting an evidentiary hearing before an administrative law judge (ALJ) to determine whether BP America Inc., BP Corporation North America Inc., BP America … Continue reading

Posted in Commodity Trading, Enforcement and Investigations, FERC, Oil & Gas, Regulation

SAVE THE DATE: 2014 Energy & Commodities Regulation, Compliance and Enforcement Conference

Cadwalader, Wickersham & Taft LLP will be hosting its annual Energy & Commodities Conference in Houston, Texas. The program will feature informative presentations and panel discussions on the evolving regulatory and enforcement issues affecting the U.S. and international energy and … Continue reading

Posted in CFTC, Commodity Trading, CSAPR, Dodd-Frank, DOJ, EMIR, Emissions, Enforcement and Investigations, EPA, ERCOT, Events, FERC, FTC, MiFID, MiFIR, Mining/Metals, Oil & Gas, Power, PUCT, Regulation, Renewables, SEC

Significant Upwind Impact: The Supreme Court Upholds Cross-State Air Pollution Rule

By Athena Eastwood, Gregory Lawrence, David Williams, Sohair Aguirre, and Sarah Tucker. On Tuesday, April 29, 2014, the U.S. Supreme Court upheld the U.S. Environmental Protection Agency’s (“EPA”) Cross-State Air Pollution Rule (“CSAPR”).  EPA v. EME Homer City Generation, L.P., No. 12-1182.  In a 6-2 … Continue reading

Posted in Cases, CSAPR, Emissions, Energy Infrastructure, EPA, Power, Regulation, Renewables

EMIR Clearing and Margin Consultation Paper Proposes Rules Which Will Impose Substantial Trading Costs on Market Participants

By Doron Ezickson, Nick Shiren, Assia Damianova, and Adam Topping The European Market Infrastructure Regulation (“EMIR”) imposes a number of risk mitigation techniques on counterparties to uncleared swaps.  Some of those involve much tighter operational procedures (such as the rules for timely confirmations, portfolio … Continue reading

Posted in Commodity Trading, EMIR, Oil & Gas, Power, Regulation

New Jersey Appeals Court Interprets Force Majeure Clause in NAESB

By Sohair Aguirre In a ruling of significant importance for those confronting force majeure (“FM”) issues in natural gas trades, and a win for Hess Corporation (“Hess” or “Plaintiff”), the Superior Court of New Jersey, Appellate Division ruled that Eni Petroleum … Continue reading

Posted in Cases, Oil & Gas, Power

Going Public: Powhatan Energy Fund’s “Insurance Policy” Regarding FERC Enforcement’s Non-Public Manipulation Investigation into the Fund’s “High-Frequency” PJM Trading Activity

By Gregory Lawrence and Lynna Cobrall On February 28, 2014, Powhatan Energy Fund (“Powhatan”) launched a public website disclosing that for more than three years, the Federal Energy Regulatory Commission (“FERC”) Office of Enforcement (“OE”) has been investigating Powhatan for … Continue reading

Posted in Enforcement and Investigations, FERC, PJM, Power, Regulation