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Inflation Reduction Act
FERC Accepts CAISO’s Proposed Tariff Amendments Addressing Inoperability of Aliso Canyon
On June 1, 2016, the Federal Energy Regulatory Commission (FERC) accepted revisions to the California Independent System Operator (CAISO) tariff to address market conditions associated with the limited operability of the Aliso Canyon natural gas storage facility. [1] Aliso Canyon...
CFTC Proposal Creates Jurisdictional Controversy and Uncertainty in the RTO and ISO Markets
On May 10, 2016, the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued a proposed amendment (“May 10 Proposed Amendment”) [1] to a final order issued on March 28, 2013 (the “RTO-ISO Order”) that exempted certain specified transactions of six...
FERC Finds Problems in Enbridge Audit
On May 9, 2016, the Director of the Office of Enforcement, under delegated authority from the Federal Energy Regulatory Commission (FERC), issued a final audit report of Enbridge Energy Partners, L.P. (EEP) and its crude oil pipeline, the North Dakota...
U.S. Futures Exchanges Disciplinary Actions Report - April 2016
ICE FUTURES U.S. 2015-025 Spoofing Violation of Rule 4.02(I) – Trade Practice Violations. Allegedly, an individual engaged in a pattern of trading activity in the Coffee “C” (“KC”) Futures market between March 2015 and May 2015 where numerous order book...
DOT Site Security Plans – Potential Application to Pipelines as Offerors
The Department of Transportation (“DOT”) requires “offerors” of hazardous materials to develop and adhere to a site-specific security plan that evaluates transportation security risks and appropriate measures to address those risks. For the midstream sector, questions often arise as to...
FERC Proceeds With Enforcement Action Against Total Gas & Power North America
On April 28, 2016, the Federal Energy Regulatory Commission (“FERC”) issued an order [1] directing Total Gas & Power North America, Inc. (“TGPNA”) and two natural gas traders (together the “Respondents”) to show cause why they should not be found...
Africa Energy Update
The latest news on legal and regulatory developments in Africa's energy sector with perspectives from our offices in London, New York and Seattle. Bracewell Alerts and Publications Regional Enforcement Snapshot of Southern Africa 22 March 2016 | Energy Legal Blog®...
U.S. Futures Exchanges Liberalize Exceptions to Position Limit Aggregation Rules
Effective March 18, 2016 and April 4, 2016 [1] respectively, the major U.S. futures exchanges, ICE Futures U.S., Inc. (“ICE”) and the CME Group exchanges (“CME Group”), [2] have amended their rules regarding aggregation of positions for purposes of determining...
TOTAL Challenges Legality of FERC Enforcement Processes
On January 27, 2016, TOTAL Gas & Power North America, Inc. ("TGPNA") and two natural gas traders filed a complaint for declaratory relief in the U.S. District Court for the Western District of Texas against the Federal Energy Regulatory Commission...
CFTC Settles Gas Index Manipulation Claim While FERC Allegations Remain
CFTC Order Accepting Settlement with Total Gas & Power North America, Inc. & Therese Tran for Attempted Manipulation of Natural Gas Monthly Index Settlement Prices On December 7, 2015, the Commodity Futures Trading Commission ("CFTC" or the "Commission") issued an...
What Constitutes a Reasonable and Prudent Operator?
The English Commercial Court interprets the definition of the standard of a "Reasonable and Prudent Operator" in the context of a dispute relating to long term gas sales agreements The phrase "reasonable and prudent operator" is frequently used in commercial...
MLP Qualifying Income "“ IRS May Reconsider Position on the "Processing or Refining" of NGLs into Olefins
An IRS official indicated that the government may reconsider its position in the recently issued proposed regulations under Section 7704(d)(1)(E) of the Internal Revenue Code regarding the production of olefins derived from natural gas liquids (NGLs). According to press reports...
MLP Qualifying Income "“ IRS Releases First PLRs Since Issuance of Proposed Regulations
On September 11, 2015, the Internal Revenue Service (IRS) released two private letter rulings (PLRs) addressing MLP qualifying income. These are the first PLRs relating to MLP qualifying income to be released since the issuance of the proposed regulations under...
UK Government Continues The Fight for Shale
Introduction Despite facing opposition on numerous fronts, the development of a regulatory regime to promote the exploration of shale gas in the UK has continued apace following David Cameron's comments earlier this year that the UK was " going all...
BP Initial Decision: The Significance of Change
On August 13, 2015, the administrative law judge ("ALJ") assigned to hear evidence in BP America Inc. et. Al (Docket No. IN13-15) issued an Initial Decision in which she found that BP America Inc., and certain of its affiliates (collectively...