In the aftermath of Winter Storm Uri and the market turmoil that ensued, legislation that contemplates using securitization to potentially fund related economic damages and other dislocation has been proposed in both Texas and Oklahoma; however, in many cases, the proposed legislation does not contemplate critical requirements under the applicable rating agency methodologies. The Legal…
On April 21, 2021, the European Commission adopted a comprehensive package of measures to help improve the flow of money toward sustainable activities across the European Union.
The measures adopted include:
The EU Taxonomy Climate Delegated Act, which aims to support sustainable investment by making it clearer which economic activities most contribute to meeting the…
The House of Representatives approved the draft of an initiative to reform the Hydrocarbons Law with minor modifications notwithstanding the antitrust watchdog (COFECE) opinion. The Senate’s approval is next.
For more details on the approval and the next steps, see our legal update.
The Texas House of Representatives and Senate are considering three similar, but not identical, legislative drafts that could impose substantial grid charges directly on renewable generation businesses. The Legal Update at the link below provides further detail.
On March 26, 2021, the Mexican House of Representatives published in the Parliamentary Gazette an initiative to amend certain provisions of the Hydrocarbons Law, an amendment directly proposed by President Andrés Manuel López Obrador.
This Legal Update details the content of such initiative and the next steps for its approval.
On March 17, 2021, U.S. Senators Chris Coons (D-Del.) and Bill Cassidy, M.D. (R-La.) and U.S. Representatives Marc Veasey (D-Texas) and David McKinley (R-W.Va.) introduced the Storing CO2 And Lowering Emissions (SCALE) Act. The bill is intended to help develop infrastructure buildout to transport CO2 from the capture site to be used as feedstock for the manufacture of other products, to oilfields where it is injected to enhance oil recovery, or to underground storage locations. CO2 capture projects are expensive and the EPA permitting process for storage facilities is lengthy. Thus, project financing and permitting are key drivers to determine the speed and scope at which global climate goals with respect to greenhouse gas reduction are achieved. The 45Q tax credit for carbon capture and sequestration incentivizes carbon capture but is not by itself economically sufficient to provide the necessary equipment and transportation infrastructure.
Continue Reading US – Storing CO2 And Lowering Emissions (SCALE) Act
The energy industry continues to evolve as sectors converge and as demand, supply and consumer preferences change. The global economy is shifting to lower-carbon sources of energy, coinciding with (or resulting from) a renewed focus on environmental, social and governance (ESG) issues. “Energy transition” is commonly used to describe the recent full-court press towards cleaner…
The Polar Vortex 2021 Fallout continues to be in the news in Texas. In the Legal Update below you will see the most recent developments.
A federal district court suspends, with general effects, President López Obrador’s amendments to the Electricity Industry Law.
This Legal Update details the content of the decision on the injunction or amparo.