CFTC Proposal re Energy Swaps

The CFTC recently issued a release that may be of interest to you.  Derivatives clearing organizations (DCOs) are required under the Commodity Exchange Act to file certain information with the CFTC when they list new categories of swaps for clearing.  That information is intended to provide a basis on which the CFTC may determine whether to propose to mandate clearing for those swaps.  Over the past few years, a number of these swaps submissions have been made by the DCOs.  The DCOs have made 34 submissions so far, which include certain interest rate swaps, credit default swaps, FX NDFs, energy swaps, agricultural swaps and inflation swaps.  To date, the CFTC has simply been sitting on those submissions.  However, on June 23 the CFTC issued a blanket request for public comment on all of these DCO swaps submissions.  The CFTC is not currently proposing to mandate clearing for any of the swaps that are the subject of the DCO submissions, however, the CFTC will take public comments into consideration in determining whether to propose one or more clearing mandates in the future.  Comments must be submitted by July 25, 2016.  For reference, here is a link to the CFTC’s press release on this topic:  http://www.cftc.gov/PressRoom/PressReleases/pr7396-16.

Sidley Shale and Hydraulic Fracturing Report

Vol. 5, No. 26

Topics discussed in this week’s Report include:

  • District court strikes down BLM rule governing hydraulic fracturing.
  • President Obama signs bill reauthorizing PHMSA.
  • Oregon: State DOT asks Federal Railroad Administration to prohibit most oil trains from traveling in the state.
  • Pennsylvania: Governor signs bill that authorizes new regulatory scheme governing oil and gas development.
  • German house of parliament passes a ban on hydraulic fracturing.

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Senator Maria Cantwell Urges FERC to Prevent Price Gouging Due to California Natural Gas Shortage

The Federal Energy Regulatory Commission Should Enforce Existing Anti-Market Manipulation Provisions

Washington, D.C. – Today, Ranking Member of the U.S. Senate Committee on Energy and Natural Resources U.S. Senator Maria Cantwell (D-Wash.) urged the Federal Regulatory Commission (FERC) to prevent energy marketers and electric generators from taking advantage of consumers due to a natural gas shortage in Southern California associated with a major leak at the Aliso Canyon storage facility.

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Sidley Shale and Hydraulic Fracturing Report

Vol. 5, No. 25

Topics discussed in this week’s Report include:

  • EPA final rule prohibits sewage plant treatment of hydraulic fracturing wastewater.
  • Panel of EPA Science Advisory Board may recommend that EPA revise hydraulic fracturing study.
  • Municipal West Virginia oil and gas ordinances pre-empted.
  • North Dakota flaring declines.
  • Environmental groups claim increased cancer risk near oil and gas operations.
  • Environmental group claims gas drilling caused chemical exposures in Pavillion.

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Energy Enforcement Update

This week’s enforcement update covers FERC’s assessment of civil penalties against ETRACOM.  We also report on comments regarding the CFTC’s proposed amendment to the RTO/ISO exemption order, the TOTAL and City Power proceedings in district court, and a FERC order revoking multiple entities’ market-based rate authority in certain balancing authority areas.

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Sidley Shale and Hydraulic Fracturing Report

Vol. 5, No. 24

Topics discussed in this week’s Report include:

  • Advocacy group alleges Science Advisory Board researcher hid research flaws that under-reported methane emissions from oil and gas industry.
  • New Mexico: Bureau of Land Management postpones oil and gas leases in Chaco Canyon.
  • Pennsylvania: Shell announces plans to construct ethane cracker in Beaver County.
  • Colorado: United States Geological Survey assessment finds that Mancos Shale is second largest natural gas play in the United States.

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Shale and Hydraulic Fracturing

Vol. 5, No. 23

Topics discussed in this week’s Report include:

  • California proposed a rule to govern methane emissions from the oil and gas sector.
  • A Pennsylvania court dismissed a suit against environmental groups regarding hydraulic fracturing.
  • A new study indicated that the cost of reducing methane emissions is higher than previously reported.
  • A new study asserted that state governments should do more to ensure that well owners plug retired oil and gas wells.
  • British Columbia’s Oil and Gas Commission released guidance requiring seismic monitoring in certain hydraulic fracturing permits.

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Enforcement Update: FERC settles with Lincoln and assesses penalty against Coaltrain; Aliso Canyon continues to dominate attention

This week’s enforcement update reports on FERC Enforcement’s settlement with Lincoln Paper and FERC’s civil penalty assessment against Coaltrain. We also cover developments in the TOTAL complaint case in district court, and the NERC report and new legislation in California addressing the Aliso Canyon outage in California. Plus FERC’s order today accepting CAISO’s changes to deal with Aliso Canyon.

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Sidley Shale and Hydraulic Fracturing Report

Vol. 5, No. 22

Topics discussed in this week’s Report include:

  • The Agency for Toxic Substances and Disease Registry issued a report on Dimock study.
  • The U.S. Federal government approved hydraulic fracturing in the Pacific.
  • The secretary of the Pennsylvania Department of Environmental Protection resigned over email controversy.
  • A UK county approved hydraulic fracturing.
  • Chesapeake Energy and Total E&P agreed to a settlement of disputed royalty claims.
  • Pennsylvania announced a new survey to study methane emissions from abandoned wells.

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