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Energy

  • House Republican Tax Reform Bill Retains and Modifies Energy Credits

    3 Nov 2017

    On November 2, 2017, the House Republicans released their plan for comprehensive tax reform, the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “Tax Reform Bill”). Prior to this release, Congressional Republicans and the Trump Administration had provided few concrete details of their tax reform plans, including whether adjustments, if any, would be made to current tax credit regimes for energy investments. As discussed below, the Tax Reform Bill modifies, but keeps in place, the production tax credit (“PTC”) and the investment tax credit (“ITC”) for energy investments. The Tax Reform Bill also reduces tax rates for businesses and individuals, provides for immediate expensing for certain capital expenditures and limits the deduction for interest expense for most businesses. All of these provisions should have an effect on energy investments if the Tax Reform Bill is enacted in its current form. 

  • DOE Directs FERC to Consider Rule Providing Cost Recovery for Coal- and Nuclear-Fired Generating Facilities Operating in RTO/ISO Markets

    3 Oct 2017
    On September 29, 2017, Rick Perry, the Secretary of Energy, sent a letter to the Federal Energy Regulatory Commission (FERC) directing that FERC consider exercising its ratemaking authority under Sections 205 and 206 of the Federal Power Act to require regional transmission organizations (RTOs) and Independent System Operators (ISOs) subject to FERC jurisdiction with day-ahead and real-time markets, or the functional equivalent, to allow for the recovery of costs and a return on investment by “eligible grid reliability and resiliency resources” participating in those markets.
  • Energy Update

    Sep 2017

    We are pleased to release the latest issue of our client newsletter, Energy Update, designed to inform clients and friends of the firm about important developments affecting U.S. and international energy markets.

  • Oil & Gas Sector in Mexico: Comisión Nacional de Hidrocarburos Announces Petróleos Mexicanos Invitation to Bid for Ayín-Batsil Farmout

    22 Sep 2017

    On September 18, 2017, the Mexican government, through the Comisión Nacional de Hidrocarburos (National Hydrocarbons Commission or “CNH”), commenced an international tender process to grant the right to enter into a license agreement in partnership with the productive state-owned enterprise PEMEX Exploración y Producción, to pursue upstream activities in deep waters in the Nobilis-Maximino.

  • Video: Chile’s New Electricity Highway

    6 Sep 2017

    Partners Cynthia Urda Kassis and Alexandro Padrés (both New York-Project Development & Finance) discuss how the Transmisora Eléctrica del Norte S.A. (TEN) financing project transformed Chile’s transmission development, aligning infrastructure to policy objectives by creating an opportunity for renewable sources to be better integrated into the market.

  • Shearman & Sterling Contributes to Liquefied Natural Gas, The Law and Business of LNG

    23 Aug 2017

    Project Development & Finance partner Anthony Patten, counsel Anthony Lepere, associate Lachlan Clancy and trainee Andrea Callá have contributed to the forthcoming third edition of Liquefied Natural Gas, The Law and Business of LNG. This practical title has been updated to take into account the rapidly shifting arrangements and participations in the international LNG sector. Anthony Patten and Anthony Lepere (with assistance from Andrea Callá) collaborated with Elze Frima from Shell to update the chapter concerning floating LNG, while Anthony Patten (with assistance from Lachlan Clancy) collaborated with Philip Thomson from Ashurst to update the chapter concerning LNG trading.

  • Brexit: The Great Repeal Bill

    26 Jul 2017
    On 13 July 2017, the UK government published the European Union (Withdrawal) Bill, known as the “Great Repeal Bill.” This major piece of constitutional legislation sets out the government’s proposals for transforming existing EU laws into UK laws and ending the supremacy of EU laws in the UK after Brexit.
  • Shearman & Sterling Lawyers Write Article on Revolutionary Change in Chilean Energy Sector

    6 Jun 2017
    The Chilean energy sector will undergo a revolutionary change in 2017, as the two major grids, the Sistema Interconectado del Norte Grande in the north, and the Sistema Interconectado Central, which covers the center and south of the country, will become interconnected.
  • Trump Administration Pronouncements on Authorization of Jordan Cove LNG Project Could Raise Issues Before the Senate and in the Courts

    24 May 2017
    Since the resignation of Federal Energy Regulatory Commission (FERC) Chairman Norman Bay in early February, FERC has been without a quorum of three commissioners and, as a result, has not been able to issue orders and take other actions where a vote of the commission is required. On May 25, the Senate Energy Committee will hold a hearing to consider President Donald Trump’s nominations to two of the three open Republican seats on FERC: Neil Chatterjee, an energy policy advisor to Senator Mitch McConnell (R-KY), and Robert F. Powelson, a commissioner on the Pennsylvania Public Utilities Commission and current President of the National Association of Utility Regulatory Commissioners. Senate confirmation of these prospective FERC commissioners could be complicated by recent statements by Gary Cohn, director of the National Economic Council, with respect to FERC approval of the proposed Jordan Cove LNG Project, consisting of a liquefied natural gas (LNG) export terminal in Coos Bay, Oregon (Jordan Cove LNG Terminal) and an approximately 232-mile interstate natural gas pipeline originating at the Oregon/California border and terminating at the Jordan Cove LNG Terminal (Pacific Connector Pipeline).
  • Energy Update

    May 2017

    We are pleased to release the latest issue of our client newsletter, Energy Update, designed to inform clients and friends of the firm about important developments affecting US and international energy markets.

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