Christopher Cottrell’s Post

Energy dealmaking is set to accelerate under the Trump administration, with regulatory relief anticipated for oil and gas M&A. Key players in Big Law, like Gibson Dunn and Kirkland & Ellis, are poised to handle the surge, as reduced antitrust scrutiny and fewer FTC delays could streamline transactions. IPOs may also gain traction, reviving exits in the sector. Meanwhile, clean energy projects face a possible dip. Concerns over reduced tax incentives under the Inflation Reduction Act could slow renewable investments. However, the IRA’s popularity—even in conservative states—may sustain support for renewables. The energy sector is heading into a dynamic period, with law firms adapting to both opportunities and regulatory shifts. https://lnkd.in/eyDFAjgW

Great article from Bloomberg Law on how the recent election could influence the energy M&A market, featuring valuable insights from my partner, Christopher Cottrell. Check it out for insights on what may lie ahead: https://lnkd.in/gPp8_B_7 #EnergyM&A #Seyfarth #SeyfarthLean #EnergyIndustry #BloombergLaw

There have been some significant changes in #administrativelaw over the past week that have implications for #transmission planning. This post is a round up of a few key resources to help readers get in the know quickly and walk away with key points. Quick background: The Chevron Doctrine in a nutshell: courts grant deference to an agency's reasonable interpretation regarding ambiguities in statutes that the agency administers. The doctrine gets its name from the 1984 case: Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. This case was overturned on June 28, 2024 by the US Supreme Court in Loper Bright Enterprises v. Raimondo. In a related but different administrative law development, the Court also said in an opinion issued on July 1, 2024 that plaintiffs can sue over regulations that affect them six years after being affected rather than six years from the regulations being issued. This decision in Corner Post v. the Board of Governors of the Federal Reserve System therefore takes what was a fixed window and makes it a moving target much farther out into the future. While six years may have been a wait for some additional certainty regarding the durability of regulations, it did provide a bookend. What are the implications? First up, I'm linking to a Utility Dive article by Ethan Howland, and I'll feature that in the image link: https://lnkd.in/ejNmHBdu. This does a nice job of wrapping up some quick takes and key implications. It also quotes a few of my K&L Gates partners: Varu Chilakamarri, formerly of the U.S. Department of Justice, and David Fine - both extremely talented litigators who have seen the evolution of Chevron over the years. As Varu notes: Chevron has been cited over 18,000 times since its inception in the mid-80s, "making it the most cited administrative law case in history." This article is helpful in pulling together recent developments in the courts and at the Federal Energy Regulatory Commission. Commissioner Christie, who issued a strong dissent against #FERC's recent Order No. 1920, notes that 1920 builds on Order No. 1000, which was upheld under Chevron. Note, the Sup. Ct. states that prior decisions that rely on Chevron are not overturned but remain intact under the doctrine of stare decisis - Latin for "let the decision stand" and the basis for building law one on top of the next in the US legal system. Side note for non-lawyers: this is why all the case cites in a brief to a court. Counter to Commissioner Christie, Chairman Willie Phillips issued his own statement of the impact of the Loper Bright decision: https://lnkd.in/exHspZN3 K&L Gates partners Varu Chilakamarri, Mark Ruge, David R. Fine, Tre A. Holloway, and Falco Muscante II provide the concise overview of the Loper Bright decision here: https://lnkd.in/ejahRQvA #energy

“Finance and legal leaders at energy companies have significant and growing litigation budgets due to the numerous disputes arising from the energy transition, price volatility, supply chain issues and global conflict.”    Read more key highlights below and download the full survey.  https://lnkd.in/eNPjZHja   #legalfinance #litigationfunding #BurfordCapital 

The recent ruling on Chevron deference by the US supreme court could change the balance and authority of interpreting the rules between courts and federal agencies. This could have implications for the IRS’ ability to justify final regulations, and also open up for more litigation around current tax credit rules. #Pivotal180 #Pivotal180Insights

📅 Register Now, It's in TWO Weeks | LEGAL BREAKFAST SERIES in partnership with Veirano Advogados Register here: https://bit.ly/43M4XlA 🗓️ Date: Wednesday, April 17, 2024 🕣 Time: 8:30 am to 10:30 am (CST) 📍 Where: BRATECC Office, 5444 Westheimer, Conference room (Lobby), Houston, TX 77056 Speakers: • Ronaldo Veirano • Ali El Hage Filho • Lívia Amorim • Andre Carvalho   Join us on April 17, for our First Legal Series organized by BRATECC legal committee in partnership with Veirano Advogados to discuss Brazilian Tax reforms and their consequences to the Energy sector. Brazil has approved a comprehensive tax reform that will impact business in different forms, including oil, gas, and other energy segments. At the same time, several initiatives are in motion to support the country’s energy transition agenda, from improving the regulatory framework to designing incentives for green energy projects. #BRATECC #Legal #Taxreforms #Series #Workshop #Lawfirm #VeiranoAdvogados #Energy #Oil #Gas #Business #Brazil #Brasil #US #Texas #Transition #Projects

The now-overturned Chevron regime had evolved to undermine predictability and stability for businesses because they could not ascertain their regulatory obligations based on the laws. Rather, regulatory obligations would turn on unstable agency statutory interpretations, sometimes without any prior notice at all. This instability hampered productivity, investment, and innovation. Businesses cannot effectively plan for the future when agencies are free to unilaterally change the basic rules at any time. #governmentregulations #governmentpolicies #unelectedofficials

📅We're one week away - Register Now | LEGAL BREAKFAST SERIES in partnership with Veirano Advogados Register here: https://bit.ly/43M4XlA 🗓️ Date: Wednesday, April 17, 2024 🕣 Time: 8:30 am to 10:30 am (CST) 📍 Where: BRATECC Office, 5444 Westheimer, Conference room (Lobby), Houston, TX 77056 Speakers: * Ali El Hage Filho – Partner, Veirano Advogados * Lívia Amorim - Partner, Veirano Advogados * Andre Carvalho – Partner, Veirano Advogados   Join us on April 17, for our First Legal Series organized by BRATECC legal committee in partnership with Veirano Advogados to discuss Brazilian Tax reforms and their consequences to the Energy sector. Brazil has approved a comprehensive tax reform that will impact business in different forms, including oil, gas, and other energy segments. At the same time, several initiatives are in motion to support the country’s energy transition agenda, from improving the regulatory framework to designing incentives for green energy projects. #BRATECC #Legal #Taxreforms #Series #Workshop #Lawfirm #VeiranoAdvogados #Energy #Oil #Gas #Business #Brazil #Brasil #US #Texas #Transition #Projects

Last month, the U.S. Department of Justice Antitrust Division and the Federal Trade Commission filed a joint comment with the Federal Energy Regulatory Commission (FERC) raising concerns about FERC’s blanket authorization policy, which, among other things, allows holding companies, including investment companies, to acquire noncontrolling ownership interests in public utility companies, subject to certain conditions. #Energy #AntitrustAndCompetition #FERC

Last month, the U.S. Department of Justice Antitrust Division and the Federal Trade Commission filed a joint comment with the Federal Energy Regulatory Commission (FERC) raising concerns about FERC’s blanket authorization policy, which, among other things, allows holding companies, including investment companies, to acquire noncontrolling ownership interests in public utility companies, subject to certain conditions. #Energy #AntitrustAndCompetition #FERC