U.S. Futures Exchanges Disciplinary Actions Alert: January 2018

Posted on: February 6, 2018 By: David Perlman, Michael Brooks, Bob Pease, Ryan Eletto
The Bracewell U.S. Futures Exchanges Disciplinary Actions Report is a monthly report that provides summaries of certain disciplinary notices by U.S. exchanges during the prior month. The report has a particular focus on notices potentially relevant to energy commodities and is not intended to be a comprehensive review of each and every notice issued. Instead, the report is intended to provide market participants, and compliance personnel in particular, with illustrative examples of rule violations and to bring to light enforcement trends across the exchanges. The disciplinary notices cited in...
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Commodities
Organized Markets

Petition Requests FERC Clarify State Treatment of Battery Storage QFs Under PURPA

Posted on: February 2, 2018 By: Seth Lucia
In a December 14, 2017 filing (“Petition”), [i] developers of several battery storage projects in southern Idaho (“Franklin Storage Facilities”) seek a declaratory order and enforcement action from the Federal Energy Regulatory Commission (“FERC”) against the Idaho Public Utilities Commission (“Idaho PUC”) pursuant to the Public Utility Regulatory Policies Act of 1978 (“PURPA”). These battery storage facilities are initially designed to use solar modules as the ultimate energy source to charge the battery storage facilities. Because the developers chose to submit to FERC self-certifications...
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FERC
Power
Regional Energy Law
Renewable Energy

U.S. Futures Exchanges Disciplinary Actions Alert: December 2017

Posted on: January 30, 2018 By: David Perlman, Michael Brooks, Bob Pease, Ryan Eletto
The Bracewell U.S. Futures Exchanges Disciplinary Actions Report is a monthly report that provides summaries of certain disciplinary notices by U.S. exchanges during the prior month. The report has a particular focus on notices potentially relevant to energy commodities and is not intended to be a comprehensive review of each and every notice issued. Instead, the report is intended to provide market participants, and compliance personnel in particular, with illustrative examples of rule violations and to bring to light enforcement trends across the exchanges. The disciplinary notices cited in...
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Commodities
Organized Markets

JOA Defaults Reconsidered

Posted on: January 24, 2018 By: Priyanka Patel, Darren Spalding
In the recent decision of Pan Petroleum Aje Ltd v Yinka Folawiyo Petroleum Co Ltd & Ors [2017] EWCA Civ 1525, the Court of Appeal upheld a decision of the High Court that parties to a Joint Operating Agreement (“JOA”) could be temporarily prevented from excluding an alleged defaulting party from participating in, or voting in, any operating committee meetings pending resolution of a dispute. The decision is likely to be of great interest to those conducting joint operations as it could frustrate the ability of parties to exercise remedies under default provision of many JOAs. Background...
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Energy
Oil & Gas
Offshore
Litigation

FERC Asserts Right to Impose Retroactive Surcharges

Posted on: January 22, 2018 By: Stephen Hug, David Perlman, Margaret Beasley
Historically, Sections 205 [1] and 206 [2] of the Federal Power Act (“FPA”) have been viewed as authorizing the Federal Energy Regulatory Commission (“FERC” or the “Commission”) to order refunds when a rate has been suspended and placed in effect subject to refund pursuant to Section 205 or a refund effective date has been established pursuant to Section 206. It has long been held, however, that the filed rate doctrine and the related rule against retroactive ratemaking bar the Commission from imposing retroactive rate increases or surcharges for previously provided service. This longstanding...
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FERC
Courts
Transmission
Organized Markets

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