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    Bankruptcy Advisory: What Can Oil Pipelines Do As Shipper Bankruptcy Risk Increases?
    2016-04-04

    The crash in oil prices has reverberated throughout the industry and is widely expected to lead to a wave of bankruptcies among oil and gas producers (particularly the small to midsize companies that have played a major role in the boom in shale production in North America). Less well recognized, until recently, is the prospect that these producer bankruptcies may soon affect oil pipeline companies that built new infrastructure, relying on long-term ship-or-pay contracts with the producers.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Steptoe LLP, Bankruptcy, FERC
    Authors:
    Filiberto Agusti , Caroline H.B. Gaudet , Steven Reed
    Location:
    USA
    Firm:
    Steptoe LLP
    How Extreme Weather Events Have Bankrupted Utility Players and Changed the Electric Grid
    2023-10-10

    Climate risk is difficult for large corporations to mitigate and is increasingly a C-suite agenda item. In this article, experts from FTI Consulting’s Power, Renewables & Energy Transition (“PRET”) practice draw upon their experience in climate risk-related bankruptcy, dispute advisory, restructuring and resource strategies to summarize the regulatory, operational and financial impacts of recent extreme weather events on electric utilities. This article will discuss the implications of strengthening physical and financial asset performance in a rapidly evolving electric grid.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, FTI Consulting Inc, Renewable energy, Supply chain, Mediation, Carbon neutrality, FERC
    Location:
    USA
    Firm:
    FTI Consulting Inc
    FERC v. Powhatan Energy Fund, LLC Saga Ends With Default Judgment Against Powhatan Energy Fund
    2023-03-30

    On March 22, 2023, the U.S. District Court for the Eastern District of Virginia (Court) granted the Federal Energy Regulatory Commission’s (FERC) Motion for Default Judgment and entered a default judgment against Powhatan Energy Fund, LLC (Powhatan Energy Fund). The Court awarded FERC $3,465,108 in disgorgement and $16,800,000 in civil penalties.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Sidley Austin LLP, FERC, United States bankruptcy court, Fourth Circuit, US District Court for Eastern District of Virginia
    Authors:
    Kenneth W. Irvin
    Location:
    USA
    Firm:
    Sidley Austin LLP
    Fifth Circuit Triples Down: Filed-Rate Natural Gas and Power Contracts Can Be Rejected in Bankruptcy Without FERC Approval
    2022-12-05

    In Gulfport Energy Corp. v. FERC, 41 F.4th 667 (5th Cir. 2022), the U.S. Court of Appeals for the Fifth Circuit tripled down on its nearly two-decades-long view that filed-rate contracts regulated under the National Gas Act (the "NGA") and the Federal Power Act (the "FPA") can be rejected in bankruptcy without the consent of the Federal Energy Regulatory Commission ("FERC"). Reaffirming its previous rulings in In re Mirant Corp., 378 F.3d 511 (5th Cir. 2004), and In re Ultra Petroleum Corp., 28 F.4th 629 (5th Cir.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day, FERC, US Congress, United States bankruptcy court, Fifth Circuit
    Authors:
    Paul M. Green , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    PG&E Bankruptcy Judge to FERC: What Part of “Exclusive” Jurisdiction Do You Not Understand?
    2019-09-12

    U.S. Bankruptcy Judge Dennis Montali recently ruled in the Chapter 11 case of Pacific Gas & Electric (“PG&E”) that the Federal Energy Regulatory Commission (“FERC”) has no jurisdiction to interfere with the ability of a bankrupt power utility company to reject power purchase agreements (“PPAs”).

    Filed under:
    USA, Banking, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Debtor, FERC
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Jurisdiction Over Rejection of Power Purchase Agreements—Confusion Continues
    2020-01-02

    Introduction

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Dechert LLP, FERC
    Authors:
    Shmuel Vasser
    Location:
    USA
    Firm:
    Dechert LLP
    Sixth Circuit Holds Bankruptcy Court Has Jurisdiction Over Rejection of Power Purchase Agreements
    2020-01-08

    The Bottom Line

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, FERC, Sixth Circuit
    Authors:
    Priya K. Baranpuria , Matthew D. Friedrick
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    FERC Seeks Sixth Circuit Rehearing En Banc Regarding Its Role in Bankruptcy Proceedings
    2020-02-05

    On January 27, 2020, FERC petitioned the United States Court of Appeals for the Sixth Circuit (“Sixth Circuit”) for rehearing en banc of that court’s decision finding bankruptcy court-FERC concurrent jurisdiction over certain power purchase agreements. Notwithstanding such concurrent jurisdiction, the Sixth Circuit’s decision finds that the bankruptcy court’s concurrent jurisdiction is paramount, and that therefore, FERC-jurisdictional power purchase agreements are susceptible to rejection in bankruptcy.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Troutman Pepper, Title 11 of the US Code, Federal Power Act 1920 (USA), FERC, Sixth Circuit, U.S. Court of Appeals
    Authors:
    Tom Marshall
    Location:
    USA
    Firm:
    Troutman Pepper
    Sixth Circuit Holds that Bankruptcy Courts Must Permit FERC Participation in Bankruptcy Proceedings Considering Rejection of FERC-Jurisdictional Contracts
    2019-12-19

    On December 12, 2019, the United States Court of Appeals for the Sixth Circuit (“Sixth Circuit”) issued an opinion affirming in part and reversing in part a bankruptcy court’s assertion of exclusive and unlimited jurisdiction over certain of FirstEnergy Solutions’ (“FES”) power purchase agreements that FERC had previously approved under the Federal Power Act (“FPA”) and that FES sought to reject in bankruptcy.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, FERC, U.S. Court of Appeals
    Authors:
    Adrienne L. Thompson
    Location:
    USA
    Firm:
    Troutman Pepper
    FERC Denies Rehearing in PG&E Bankruptcy Dispute, Asserting Parallel Authority to Review the Effects of Rejection
    2019-05-08

    On May 1, 2019, FERC denied Pacific Gas and Electric Company’s (“PG&E”) requests for rehearing of two prior orders in which FERC held that it and the bankruptcy courts have concurrent jurisdiction to review and address the disposition of wholesale power contracts sought to be rejected through bankruptcy. FERC’s order comes as the PG&E bankruptcy proceedings in the United States Bankruptcy Court for the Northern District of California (“Bankruptcy Court”) remain ongoing.

    Filed under:
    USA, California, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Troutman Pepper, FERC
    Authors:
    Katherine O'Konski , Russell Kooistra
    Location:
    USA
    Firm:
    Troutman Pepper

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