Electric Generation & Markets
Troutman Sanders' Electric Generation and Markets practice team represents and advises utilities, utility holding companies, non-utility generators and power marketers on regulatory matters related to mergers, acquisitions, and divestitures of electric generating units, as well as wholesale power sales in organized (ISOs/RTOs) and other markets. Members of the practice team have advised utility and non-utility clients on numerous FERC applications for authorization to acquire or divest generating facilities and have filed and litigated applications for market-based rate authorization (often referred to as “power marketer licenses”). The team also specializes in complex ISO/RTO market design issues and has been involved in some of the most controversial organized market cases in recent years. The team is led by partner Jeffrey Jakubiak, whose practice focuses on issues at the intersection of law and economics in the energy field.
Attorneys in the Electric Generation and Markets practice team work closely with members of, among others, the Firm’s Energy Commodities and Trading, Energy Oversight, Investigations and Enforcement, Energy Mergers and Acquisitions, and Project Finance and Development teams to advise clients on all aspects of electric generation transactions and FERC investigations. Among other analytical capabilities, the team has developed quantitative market analysis and risk assessment tools (including “Delivered Price Test” analyses), which it uses to advise clients on potential asset transactions.
Recent highlights include:
- Represented two large, vertically-integrated utilities in acquisition by international utility holding company.
- Represented utilities in disputes/FERC proceedings involving capacity markets in three separate RTOs.
- Represented utility in litigation over contractual obligation to pay headwater benefits associated with hydroelectric generating units.
- Represented international utility holding company in joint venture with renewable power generator.
- Represented international utility holding company in acquisition of equity interests in another international utility holding company.
- Advised and represented power marketers and individuals in FERC non-public investigations of electricity trading activities.
- Advised utilities on RTO rules for generation asset retirements.
- Represented vertically-integrated utilities, non-utility generators and power marketers in change in status filings, triennial updates and applications for market-based rate authority (including submittal of “Delivered Price Test” analyses of generation market power).
- Advised and represented vertically-integrated utility on development of “Day 2” RTO markets.
- Represented large, vertically-integrated utility in development of first-of-its-kind energy auction.
- Represented large, vertically-integrated utility in FERC administrative litigation over market-based rate authority.
- Represented and counseled vertically-integrated utilities and non-utility generators in litigation before FERC and the U.S. Courts of Appeals involving the "Western Energy Crisis" of 2000-2001, including development of quantitative models of potential liability and litigation risk.