In the now obviously challenged Electric Reliability Council of Texas (ERCOT) power market, a strange dance recently occurred. On February 21, 2021, the Public Utility Commission of Texas (PUCT), which oversees ERCOT, issued an order authorizing ERCOT to use its sole discretion in taking actions under the ERCOT Nodal Protocols to resolve financial obligations between
On January 27, 2021, President Biden signed Executive Order 14008, Tackling the Climate Crisis at Home and Abroad (the “Order”). The Order sets forth the Biden administration’s policies to address climate change through both foreign and domestic policies and demonstrates the administration’s intent to make addressing climate change a top priority for nearly every department
Since US President Biden’s inauguration, the Biden administration has taken several actions to restrict the issuance of oil and gas permits for production on federal public lands and federal offshore waters, but the extent of the shift in policy undertaken remains uncertain as the US Department of Interior has continued to issue permits for drilling
The inauguration of the Biden administration will bring a plethora of policy changes focused on US electric power production, fuel, and climate change mitigation and remediation. The Biden administration’s Climate Executive Order, discussed further in this Legal Update, declares the intention to “reduce greenhouse gas emissions” and “bolster resilience to the impacts of climate change.”
On January 20, 2021, US President Joseph Biden signed a series of executive orders, including one titled “Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis.” This executive order contains a series of directives to federal agencies and departments that will significantly impact the energy sector and signals the high
In December of 2020, the US Internal Revenue Service issued final regulations on like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended. The Final Regulations, which generally apply to exchanges beginning after December 2, 2020, provide much-needed clarity for natural resource-related assets.
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Although the incoming Biden administration has put forth bits and pieces of a variety of potential tax reforms and incentives, two focus areas have clearly emerged—a reduction or rollback of certain provisions of the 2017 Tax Cuts and Jobs Act and a focus on clean energy and reducing carbon emissions (while promoting US-based manufacturing). Policy