Sidley Environmental Trends

Topics discussed this week include

  • EPA will streamline processes for issuing and implementing NAAQS
  • EPA guidance revives Significant Impact Levels for NSR permitting
  • IRS issues guidance on tax deductions for environmental settlement payments
  • White House announces One Federal Decision framework for NEPA process
  • EPA will not enforce 2015 restrictions on production and use of HFCs and will rewrite HFC regulations

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Sidley Environmental Trends

Topics discussed this week include:

  • EPA announces decision to revise GHG emission standards for light-duty vehicles.
  • NGOs sue EPA for ending “once-in, always-in” MACT policy.
  • EPA OECA Assistant Administrator issues memorandum requesting early notice of enforcement referrals to DOJ.
  • EPA Administrator retains the authority for headquarters to make certain jurisdictional determinations under Clean Water Act.
  • Coalition of states and cities sues EPA, alleging EPA must issue regulations governing methane emissions from existing oil and natural gas operations.

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Energy Enforcement Update

This week’s enforcement update covers:

  • FERC files opposition to Powhatan and Chen motion to dismiss amended complaint;
  • Judge denies CFTC motion to compel based on agreement of parties;
  • FERC extends deadline for comments in grid resilience proceeding to May 9;
  • Supreme Court extends time for government to respond to TOTAL;
  • Sidley and The Brattle Group to host webinar on FERC energy storage order; and
  • Sidley’s Ken Irvin moderates PLI program on FERC enforcement.

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Sidley Environmental Trends

Topics discussed this week include:

  • Administrator Pruitt releases new source review guidance memo, clarifying when emissions decreases are to be considered in the review process.
  • California federal judge orders remand to state court of climate-change-related state tort claims — creating split in district court.
  • Congress’s omnibus spending bill preserves the EPA budget and addresses other environmental issues such as pesticide funding and biomass emissions.
  • DC Circuit upholds Cross-State Air Pollution Rule as part of EPA’s regional haze rule.

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English Court Rules on 2002 ISDA Master Close Out Provisions

The English court of first instance has provided important guidance on the close-out provisions under the 2002 ISDA Master Agreement. Particular findings of note which will be of interest to all users of the 2002 form where English law is selected are:

  • The determining party must use objectively reasonable processes and must also reach an objectively reasonable result when making close-out calculations under the 2002 ISDA Master. This contrasts with the 1992 ISDA Master, where the English courts have found the more subjective standard of “rationality” applies.
  • Although the 2002 ISDA Master permits the use of indicative quotations, it is not commercially reasonable for a determining party to rely on them when it proposes to enter into a replacement transaction shortly afterward.
  • Once a party has submitted a calculation following termination, it is not open to that party to withdraw and replace it. However, the court may take into account revised calculations when determining what range of results a calculation in line with the ISDA Master would have arrived at.
  • The judge was unwilling to accept mark-to-market valuations or modeled evaluations as evidence for the price at which a replacement transaction would have been available in the market where they differed from actual quotations obtained from leading dealers in the market at the relevant time.

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