Category

FERC

21 November 2017

Energy Enforcement Update

Our latest enforcement update covers:

  • FERC releases 2017 Report on Enforcement showing continued focus on fraud and market manipulation;
  • CFTC settles with Statoil ASA for attempted manipulation of Argus Far East Index propane benchmark – “damning” messages again cause trouble;
  • Judge issues case management order and sets trial date in CFTC case against Kraft;
  • FERC approves settlement in Barclays case;
  • CFTC orders Cargill, Inc. to pay a $10 million civil penalty for providing inaccurate mid-market marks on swaps;
  • Senate confirms McIntyre and Glick to FERC, but still not sworn in at FERC; and
  • CFTC orders Morgan Stanley and Co. Incorporated to pay $350,000 penalty for Part 17 Large Trader reporting violations.

(more…)

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30 October 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • Barclays and FERC Enforcement reach agreement in principle to settle manipulation lawsuit for a total of $105 million;
  • HSBC executive convicted of foreign currency exchange fraud;
  • FERC Chairman Chatterjee calls for FERC to reexamine proper scope of de novo review;
  • Senator Blumenthal calls on FERC to investigate price manipulation allegations;
  • CFTC finds that Arab Global Commodities DMCC engaged in spoofing of copper futures contracts; and
  • FERC files response to Silkman and CES objection to magistrate’s discovery rulings in district court.

(more…)

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04 October 2017

FERC Issues Declaratory Order Easing Regulatory Approval Requirements for Tax Equity Investors in Renewable Projects

On October 4, FERC issued an order granting a petition for declaratory order by a group of tax equity investors in renewable energy projects, which requested FERC confirmation that the tax equity interests identified in FERC’s order in AES Creative Resources do not constitute voting securities for purposes of section 203 of the Federal Power Act (“FPA”).  (more…)

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02 October 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • Judge grants Smith motion for judgment on pleadings and dismisses Smith in Barclays case;
  • DOE urges FERC to take action to address electric grid resiliency;
  • CFTC Director of Enforcement emphasizes self-reporting and cooperation in speech;
  • CFTC Division of Enforcement issues Updated Advisory on Self Reporting and Cooperation;
  • CFTC orders Logista Advisors LLC to pay $250,000 for supervision failures related to spoofing;
  • CFTC orders Morgan Stanley & Co. LLC to pay $500,000 for supervision failures;
  • CFTC issues no-action relief regarding CPO and CTA registration;
  • CFTC orders Citibank, N.A. and Citigroup Global Markets Limited to pay a $550,000 penalty for swap data reporting violations;
  • CFTC orders Merrill Lynch to pay $2.5 million to settle charges of supervision failures and recordkeeping violations;
  • Silkman and CES file partial objection to magistrate’s discovery rulings in district court; and
  • FERC Staff presents on enforcement activities during the no-quorum period.

(more…)

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18 September 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • CFTC orders W Resources, LLC to pay a $150,000 civil penalty for registration violations;
  • Senate Energy & Natural Resources Committee considers FERC nominees; new GC withdraws from FERC v. Powhatan case.
  • Rostin Behnam sworn in as a Commissioner of the CFTC;
  • Appeals court denies petition for rehearing related to spoofing conviction against Michael Coscia;
  • FERC approves settlement agreement with American Transmission Company;
  • FERC Enforcement settles with Westar Energy; and
  • FERC approves settlement agreement with City Power and Tsingas.

(more…)

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06 September 2017

Sidley Environmental Trends

Topics discussed this week include:

  • Environmental group brings Clean Water Act citizen suit against Shell and Motiva that alleges climate change-related harms.
  • District court stays CERCLA unilateral administrative order.
  • District court overturns Department of the Interior stay of rule governing royalties for oil, natural gas and coal production on federal and Indian lands.
  • Second Circuit upholds New York State’s decision to deny Clean Water Act certification to proposed pipeline.
  • C. Circuit holds that FERC should consider power plant emissions in pipeline environmental impact statement.
  • Hurricane Harvey affects Gulf Coast energy and chemical resources.

(more…)

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22 August 2017

Southeast Market Pipelines Project Certificate Vacated and Remanded to FERC for Further Environmental Review on Greenhouse Gas Emissions

In a 2-1 decision that issued today, the U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit) in Sierra Club et. al v. Federal Energy Regulatory Commission (Sierra Club) vacated and remanded a Natural Gas Act (NGA) Section 7 certificate of public convenience and necessity granted by the Federal Energy Regulatory Commission (FERC) to the Southeast Market Pipelines Project (Project) in 2016.  The Project comprises three natural gas pipelines currently under construction in Alabama, Georgia, and Florida that, once built, will transport over 1 billion cubic feet of natural gas per day over 500 miles to feed new and existing natural gas-fired electric plants in Florida and to serve the growing natural gas demand of Florida utility customers.  (more…)

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21 August 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • FERC and Smith file pleadings on Smith motion for judgment on the pleadings in Barclays case;
  • CFTC finds that the Bank of Tokyo-Mitsubishi UFJ, Ltd. engaged in spoofing of Treasury futures and Eurodollar futures – applauds cooperation of the bank;
  • Appeals court upholds spoofing conviction against Michael Coscia;
  • FERC quorum restored with two new Commissioners;
  • Senate unanimously confirms CFTC nominees;
  • CFTC orders trader to pay $650,000 civil penalty for spoofing;
  • Judge grants motions to dismiss New York ZEC lawsuit; and
  • Fifth Circuit denies TOTAL petition for rehearing en banc of declaratory judgment action against FERC.

(more…)

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24 July 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • Second Circuit reverses Rabobank LIBOR convictions over forced testimony;
  • Judge issues pretrial scheduling order in FERC case against Barclays;
  • Judge grants motions to dismiss Illinois ZEC lawsuit;
  • Ryan Smith files motion for judgment on the pleadings in Barclays case;
  • President Trump nominates Rostin Behnam to serve as CFTC Commissioner;
  • President Trump announces intent to nominate Kevin McIntyre as FERC Chairman;
  • FERC issues Notice of Alleged Violations against Rover Pipeline and Energy Transfer Partners;
  • CFTC files response to Kraft motion to compel; and
  • FERC issues Notice of Alleged Violations against American Transmission Company.

(more…)

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20 July 2017

House Passes Two Bills Giving More Pipeline Permitting Authority to the Federal Energy Regulatory Commission

On July 19, 2017, the U.S. House of Representatives passed a pair of bills aimed at reforming natural gas and oil pipeline permitting, and granting additional authority to the Federal Energy Regulatory Commission (“FERC”).  Both bills passed on largely party-line votes.  The two bills are H.R. 2883, Promoting Cross-Border Energy Infrastructure Act, and H.R. 2910, Promoting Interagency Coordination for Review of Natural Gas Pipelines Act.  H.R. 2883, removes the current requirement that gas and oil pipelines, as well as electric transmission projects, obtain a Presidential Permit to cross an international border.  Instead, pipelines would obtain a certificate of crossing from FERC and transmission projects would obtain such a certificate from the Department of Energy.  If enacted into law, this change would mark a significant change for oil pipeline projects.  FERC currently has no authority over any aspect of interstate oil pipeline siting.  Currently, all siting decisions not on federal lands are handled at the state level, with international border crossings overseen by the State Department through the presidential permit process.  FERC does, however, oversee the siting of interstate natural gas pipelines, including Presidential Permits for international border crossings, under current law.

(more…)

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