Category Archives: Regulation

Court Finds CFTC RTO/ISO Exemptive Order Bars CEA § 22 Private Right of Action, but More to Come from the CFTC

By Gregory Lawrence, Christopher Polito, and Lamiya Rahma Can private litigants bring claims under the Commodity Exchange Act alleging manipulation in ERCOT’s energy markets?  On February 3, the U.S. District Court for the Southern District of Texas answered “no,” granting defendants’ motion to … Continue reading

Posted in Cases, ERCOT, Oil & Gas, Power, Regulation

Unregistered CTA Summit Energy Services: Choose Your Words Wisely

By Athena Eastwood, Gregory Lawrence, Andrew Greenberg, and Neal Kumar A recent case highlights the importance of periodically reviewing an energy company’s marketing materials and related activities (including statements made on websites) to ensure that the company is not holding itself out — … Continue reading

Posted in Cases, CFTC, Commodity Trading, Mining/Metals, Oil & Gas, Power, Regulation

New Exchange Rules on Disruptive Trading Practices Summary Chart

By Athena Eastwood, Anthony Mansfield, Gregory Mocek, Paul Pantano, Sohair Aguirre, Isabelle Corbett, Jonathan Flynn, Neal Kumar On January 14, 2015, the Intercontinental Exchange (“ICE”) rule prohibiting disruptive trading practices (ICE Rule 4.02) became effective.  The ICE Rule is substantively the same as Rule 575 passed by … Continue reading

Posted in CME, Commodity Trading, ICE, Mining/Metals, Oil & Gas, Power, Regulation

FERC Issues Order to Show Cause to Maxim Power

By Gregory Lawrence, Terence Healey, Thomas Millar, Natalie Mitchell, and Christopher Polito On February 2, 2015, FERC issued an Order to Show Cause and Notice of Proposed Penalty to Maxim Power Corporation and its named subsidiaries (“Maxim”),1 jointly and severally, as well as executive, Kyle … Continue reading

Posted in FERC, Power, Regulation

The Fate of Demand Response Hangs in the Balance

By Gregory Lawrence, Sohair Aguirre, Natalie Mitchell and Lamiya Rahman The Justices of the United States Supreme Court are not strangers to the retail versus wholesale distinction that often plagues FERC’s regulations.  Indeed, on January 12, 2015 they heard arguments in Oneok v. Learjet … Continue reading

Posted in Cases, Commodity Trading, FERC, Oil & Gas, Power, Regulation, Supreme Court

Does the Natural Gas Act Preempt State-Law Antitrust Lawsuits? – Supreme Court Arguments

By Terence Healey, Natalie Mitchell, Christopher Polito and Mary Treanor On July 1, 2014, the U.S. Supreme Court granted a petition to hear an appeal by several companies contending that state-law antitrust claims were precluded by the federal Natural Gas Act and, therefore, fell … Continue reading

Posted in Antitrust, Cases, FERC, Oil & Gas, Power, Supreme Court

2014 FERC Enforcement Report Emphasizes Internal Compliance Procedures, Self-Reporting, and Importance of Cooperation

By Doron Ezickson, Gregory Lawrence, Greg Kusel and Christopher Polito The Federal Energy Regulatory Commission’s (FERC) Office of Enforcement (Enforcement) 2014 Report on Enforcement (Report), issued on November 20, 2014, provides an overview of and statistics regarding FERC’s enforcement activities during the fiscal year … Continue reading

Posted in Enforcement and Investigations, FERC, Oil & Gas, Power, Regulation

The Fate of FERC Demand Response Order No. 745: Efforts to Adapt While the Judicial and Complaint Processes Play Out

Since our last update regarding the D.C. Circuit’s vacatur of FERC Order No. 745 in Electric Power Supply Ass’n v. FERC ( “EPSA”), several developments have occurred in EPSA and related proceedings.  The appeals process and related complaints at FERC … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

FERC Revokes MBR Authorization of 26 Suppliers for Delinquent EQRs

By Terence Healey and Katherine Vorhis On October 30, 2014, the Federal Energy Commission issued an order revoking the market-based rate (“MBR”) authorization of twenty-six (26) retail suppliers for failure to timely file Electric Quarterly Reports (“EQRs”). The FERC had notified these … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

New MiFID I Consultation Paper Creates Further Challenges for Commodity Market Participants

By Assia Damianova, Doron Ezickson, Nick Shiren, Jonathan Flynn, Antoinette Maginness and Adam Topping On 29 September 2014, ESMA published a consultation paper (the Consultation Paper) seeking industry feedback for guidelines relating to certain commodity derivatives, namely those falling under C6 and C7 of Annex I … Continue reading

Posted in Commodity Trading, EMIR, Enforcement and Investigations, MiFID, Oil & Gas, Power, Regulation