Practice/Industry Group Overview
In addition to "expertise in energy and commodity enforcement defense, regulatory work and compliance issues," the "team also possesses extensive expertise in structured finance and M&A matters, and has expert knowledge of energy derivatives" - Chambers USA
Cadwalader’s leading energy and commodities team has broad and deep experience in all forms of complex regulatory, compliance, transactional, investigations, and enforcement defense matters involving energy, metals, and agricultural commodities and related listed and over-the-counter derivatives. We provide counsel to leading U.S. and international financial institutions; investment funds; oil, power and natural gas companies, producers, and developers; industrial and commercial customers; trade associations; commodity marketers; exchanges and clearing organizations.
Regulation & Compliance: We have extensive experience representing clients in all types of regulatory matters, including those before the Federal Energy Regulatory Commission (FERC), the U.S. Commodity Futures Trading Commission (CFTC), the U.S. Department of Energy (DOE), North American Electric Reliability Corporation (NERC), multiple state public utility commissions (PUCs), as well as regional transmission organizations (RTOs) and independent system operators (ISOs).
Investigations: We regularly represent clients before the CFTC, FERC, the Federal Trade Commission (FTC), congressional committees, and in investigations performed by foreign regulators. We also advise on compliance and enforcement issues before NERC, and certain state PUCs.
Transactions: Our team has wide-ranging and extensive experience in all forms of complex transactional matters involving the energy, agriculture, metals and derivatives sectors and advise clients in mergers and acquisitions, joint ventures, securities, private equity, structured transactions, all forms of debt finance, as well as restructuring should the need arise.
Renewables: We have more than a decade of experience in the renewable and alternative power project development and finance, emissions control and trading, energy efficiency and demand response, and the energy trading industries, giving our team an unparalleled understanding of the transformative impact of energy and climate change on international business.
With attorneys located in New York, Washington, DC, London and Houston, we offer clients practical insights into the evolving regulatory, business, and legal issues affecting the global energy and commodities markets. Many of the leading lawyers who comprise the team were previously affiliated with the U.S. Commodity Futures Trading Commission (CFTC), state public utility commissions, and commodity trading businesses. They are also long-time members of leading industry organizations, such as the American Bar Association’s Derivatives and Futures Law Committee, the Energy Bar Association, the Futures Industry Association Law and Compliance Division, SIFMA, and ISDA, giving them unique insight into, and knowledge of, this increasingly competitive and regulated industry.
Articles Authored by Lawyers at this office:
2014 FERC Enforcement Report Emphasizes Internal Compliance Procedures, Self-Reporting, and Importance of Cooperation
Doron F. Ezickson,Gregory Kusel,Gregory K. Lawrence,Christopher J. Polito, December 10, 2014
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 2014 within Enforcement’s...
FERC Revokes MBR Authorization of 26 Suppliers for Delinquent EQRs
Terence T. Healey,Kenneth W. Irvin,Katherine Vorhis, November 15, 2014
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 suppliers on October 9,...
First Criminal Prosecution for Spoofing: High Frequency Trading Firm Owner Indicted in Northern District of Illinois
Jodi L. Avergun,Isabelle S. Corbett,Jonathan H. Flynn,Anthony M. Mansfield,Gregory George Mocek, October 22, 2014
On October 2, 2014, the U.S. Attorney for the Northern District of Illinois announced the indictment of Michael Coscia, the owner of Panther Energy Trading (“Panther”), for six counts of commodities fraud and six counts of spoofing. This indictment represents the first ever criminal...
New MiFID I Consultation Paper Creates Further Challenges for Commodity Market Participants
Assia Damianova,Doron F. Ezickson,Jonathan H. Flynn,Antoinette Maginness,Nick Shiren, October 22, 2014
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 of the Markets in Financial Instruments Directive (MiFID). One of the reasons for...
REMIT Draft Implementing Acts Further Define Data Reporting Obligations
Doron F. Ezickson,Adam Topping, August 20, 2014
On 8 July 2014, the European Commission’s DG Energy published an updated draft of the implementing acts on data reporting under the Regulation on Wholesale Energy Market Integrity and Transparency (“REMIT”). This document sets out the requirements for the reporting of wholesale...
Recent UK Proposals Emphasise Importance of REMIT Compliance for Energy Firms
Doron F. Ezickson,Adam Topping, August 20, 2014
Two recent actions demonstrate the United Kingdom’s (“UK”) continuing commitment to enforcing the European energy laws and the need for vigorous compliance efforts by market participants. Last month, the Office of Gas and Electricity Markets (“Ofgem”) published an open...
ACER 2014 REMIT Report Confirms Continued Inquiries into Market Conduct
, June 27, 2014
ACER calls for substantial funding increase to enable more aggressive monitoring and enforcement efforts in coordination with national regulators. On Tuesday 10 June 2014, the Agency for the Cooperation of Energy Regulators (“ACER”) published its annual report (the “REMIT...
Update Regarding D.C. Circuit’s Demand Response Ruling
Sohair A. Aguirre,Kenneth W. Irvin,Gregory K. Lawrence,Natalie Mitchell, June 18, 2014
Since our last post regarding the D.C. Circuit’s demand response ruling, several notable developments have occurred in both the Electric Power Supply Ass’n v. FERC proceeding itself, and in other, related proceedings.
EPA Proposes First Carbon Emissions Limits for Power Plants
Athena Yvonne Eastwood,Douglas H. Fischer,Kenneth W. Irvin,Neal E. Kumar,Gregory K. Lawrence, June 11, 2014
On June 2, 2014, the U.S. Environmental Protection Agency announced its Clean Power Plan, which would impose the first federal limits on carbon-dioxide (CO2) emissions from power plants in the United States. The proposed rules, which the EPA published pursuant to Section 111(d) of the Clean Air...
FERC Orders Evidentiary Hearing for Alleged Market Manipulation by BP
Doron F. Ezickson,Terence T. Healey,Kenneth W. Irvin,Gregory K. Lawrence,Paul J. Pantano, May 29, 2014
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 Production Company, and BP Energy Company (collectively, BP)...
New Jersey Appeals Court Interprets Force Majeure Clause in NAESB
Sohair A. Aguirre,Kenneth W. Irvin,Daryl L. Rice, May 15, 2014
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 US, LLC...
Significant Upwind Impact: The Supreme Court Upholds Cross-State Air Pollution Rule
Sohair A. Aguirre,Athena Yvonne Eastwood,Kenneth W. Irvin,Gregory K. Lawrence,Sarah Tucker, May 15, 2014
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 decision, the majority held that: (1) the Clean Air Act...