Energy Trading/Marketing
Overview
Locke Lord has developed considerable experience in the energy trading industry and is one of the premier firms in the United States in this area.
Our core strengths in the energy trading area include:
- Standardized Contract Experience: We have substantial experience with standardized industry contracts such as the NAESB Base Contract for Purchase and Sale of Natural Gas, the EEI Master Power Purchase and Sale Agreement and the ISDA Master Agreement, as well as the various optional provisions and annexes to these agreements.
- Industry Knowledge: Our attorneys have a deep understanding of the physical aspects of the energy trading business, which allows us to assist clients not only in developing and negotiating physically settled agreements but also in understanding the impact of the physical markets on financial contracts.
- In-house Backgrounds: Our energy trading team includes attorneys who have worked in-house for energy trading companies and have unique understanding of the commercial side of the industry and the internal processes necessary for getting deals done.
- Secured Trading Line Experience: We have extensive experience in the growing field of trading contracts that are secured by liens on real and personal property.
- Real World Bankruptcy Advice: Our creditor’s rights attorneys have vast real-world experience in representing energy trading companies in bankruptcy proceedings and in structuring trading contracts in advance to address bankruptcy issues.
- Regulatory Experience: We have considerable experience in helping energy trading companies plan for and respond to the myriad of regulations governing their activities, including compliance issues related to the Federal Energy Regulatory Commission (FERC), the Commodities Futures Trading Commission and the Securities and Exchange Commission.
- Compliance Plan Experience: We have worked with energy trading companies in implementing, reviewing and improving their compliance plans, and in providing compliance training.
- Range of Service: Whether a transaction is large or small, we can bring the proper resources to bear quickly and efficiently. Our attorneys have handled some of the largest energy trades but are always ready to assist with quick advice and day-to-day transactions as well.
The following is a representative sampling of matters our attorneys have handled in this area:
- Representation of the largest gas and electricity retail company in its U.S. M&A and commercial transaction activity, including acquisitions of a retail gas company in Illinois, a retail gas and electricity company in Ohio and several pending acquisitions.
- Representation of one of the largest commodity trading firms in the United States in the development and negotiation of its structured long-term physical power and gas transactions.
- Representation of a wholesale power and natural gas marketer in a variety of structured transactions, including asset management and optimization agreements and joint marketing agreements.
- Representation of a power and gas trading company in structuring and negotiating one of the largest prepaid natural gas sales in U.S. history.
- Represented power purchasers and sellers in responding to and anticipating changes in pricing settlement procedures in ERCOT and CAISO.
- Represented the owner of a large portfolio of power generation capacity in negotiating energy marketing agreements with third party marketers.
- Represented power plant owners in the negotiation of long-term gas supply agreements.
- Represented power plant owners and offtake counterparties in the negotiation of power tolling agreements, including synthetic tolling agreements.
- Represented a power and gas trading company in negotiating financially settled energy commodity transactions.
- Represented a power and gas trading company in the development of a financial gas trading annex to the EEI master agreement.
- Represented a power and gas trading company in the acquisition of a large portfolio of physical power and gas purchase agreements.
- Represented a wholesale power marketer in responding to RFPs for capacity and energy supplies.
- Represented a wholesale power marketer in the resolution of a series of delivery point and product description disputes arising out of market changes in NEPOOL.
- Represented various oil and natural gas producers in connection with product sale, gathering, processing and transportation agreements (including NAESB contracts and special provisions).
- Represented Dynegy in the evaluation and proposed acquisition of a portfolio of power trading contracts from Enron through the Enron bankruptcy.
- Represented MWBE wholesale power marketer in connection with obtaining Texas power marketer registration and FERC license, and in establishing EEI and credit support agreements with various counterparties.
- Represented several major energy companies in prosecution of claims in the Enron bankruptcy arising from energy trading agreements.
- Represented natural gas producer in establishing funds transfer agreements to facilitate purchase by MWBE gas marketer.
- Counseled wholesale power and natural gas marketer on antitrust issues associated with joint marketing agreements, consulting agreements and joint ventures with competitors, including conducting training sessions with traders and support personnel.
- Counseled wholesale power and natural gas marketer with respect to FAS 133 issues.
- Represented wholesale power and gas marketer in responding to governmental investigations involving allegations of improper wash trading.
- Represented wholesale power and gas marketers in connection with analysis of applicability of the adequate assurance of performance provisions under Article 2 of the Uniform Commercial Code (including research on a national basis determine whether natural gas and electricity are considered goods under applicable state law).
- Counseled wholesale power and gas marketer with respect to reporting of transaction pricing to industry publications and analysis of related CCRO recommendations.
- Represented a number of wholesale power marketers in negotiation of special provisions to the EEI master agreement and development of non-standard product definitions.
|
|