Related Practices
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Covington has been deeply involved in advising and advocating on behalf of clients regarding the recently enacted Energy Policy Act of 2005 (EPAct 2005) and the ongoing restructuring of the electricity sector at the federal and state levels. We work with multiple clients on the development of overall direction of US energy policy, as well as on a host of new energy regulations spawned by EPAct 2005. We focus on new business opportunities emerging in the wake of recent legislative and regulatory developments such as repeal of the Public Utility Holding Company Act of 1935 (the ’35 Act). In addition, we have substantial experience providing advice regarding the application and operation of the ’35 Act to utilities and holding companies, both registered and exempt, as well as the Public Utility Holding Company Act of 2005.
Representative Matters
- KKR and Texas Pacific Group in obtaining FERC and NRC approvals in connection with the purchase of TXU Corp.
- Texas Genco in its successfully obtaining FERC approval to sell approximately $5.4 billion in generation assets to NRG.
- UBS in obtaining FERC approval to acquire Enron’s energy trading assets and to enter the electricity trading business. This entailed, among other things, securing authorization, never previously granted by FERC, necessary for a bank to engage in energy trading.
- Parent of San Diego Gas & Electric Co. in successfully obtaining authorization from FERC and the California Public Utilities Commission to merge with the parent of Southern California Gas Company, the largest local distribution company in the United States.
- Calyon, as agent for a consortium of large banks, in seeking FERC authorization to acquire a large generation plant in Mississippi.
- Private equity firms in due diligence regarding potential acquisitions of public utilities and other assets.
- One of our lawyers, in his prior positions, led the effort to obtain all necessary federal regulatory approvals for Constellation Energy Group to transfer approximately $2.5 billion in electric generation assets to an unregulated subsidiary.
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