Publications

Russia has a long history of using its vast energy resources to carry out a sanctions and incentives regime against Ukraine, granting steep price discounts and generous credit terms to administrations it considers cooperative while punishing administrations that pursue more nationalistic policies. Since 2014, Russia’s energy sanctions have been combined…

On Dec. 23, 2015, a well-planned, perfectly synchronized and brilliantly executed cyber-attack caused a six-hour blackout for hundreds of thousands of customers in and around Ukraine's capital city of Kiev. While there have been no reported cases of cyber-terrorism causing power outages in the U.S., the attack methodology, tactics, techniques…

The U.S. Federal Energy Regulatory Commission (“FERC”) shares jurisdiction with the states over matters that fundamentally affect investment in critical energy infrastructure. In general, FERC’s policies have favored investment in assets that have the lowest short-term incremental cost, while state policies have tended to take a longer-term view that considers…

Although the U.S. Department of Energy (DOE) has so far not modified an LNG import or export permit after issuing it, it is not explicitly prohibited from doing so and the risk of future modification of DOE permits must be carefully analyzed and addressed in contract documents regarding LNG plants…

A well-structured investment in distributed generation can create opportunities for end users to lower their energy bills, reduce energy price volatility, earn tax benefits, improve electric service reliability and create product differentiation through environmentally conscious decision-making. However, each investment is unique and requires careful, fact-specific due diligence.

Until the distinction between legitimate trading and market manipulation is better defined, and the limits on FERC jurisdiction are fully litigated, significant regulatory uncertainty—and the associated reputational and financial risks for trading companies—will remain.