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Are you prepared for the expansion of energy and environmental trading into the global financial markets? These growing markets are rife with trading and legal risks. This book, written for practitioners and laymen alike, will arm you with crucial knowledge about recent significant market, regulatory and legal developments.
Ranging from the fallout from Enron's bankruptcy and the near demise of energy merchant trading to the expansion of energy and environmental trading (after legal and regulatory changes provided new opportunities along with new industry challenges), to the new contractual frameworks seeking to address issues such as climate change, this book's discussions of these new energy and environmental markets and their developing framework of corporate, regulatory, tax and financial law show history in the making.
Leading legal and industry professionals share their knowledge, experience, and opinions, providing key insights into the future of the law and regulation of energy and environmental trading. These experts delve deeply into themes such as energy regulation, trading documentation, bankruptcy law, creditors rights, U.S. tax law and much, much more.
Topics include:
• Energy and environmental trading markets
• The energy regulatory environment
• Deregulation efforts and consequences
• Energy-industry standard form trading contracts
• Electricity efficiency and demand response
• Weather derivatives and weather insurance products
• Force majeure case law
• Developing commoditization of environmental attributes
• Renewable energy credits and the master agreement developed to trade them
• The historical panorama of exchange-traded energy products
• Hedge fund trading in the energy markets
• Protecting against reputational and operational risks when trading energy
• Securities litigation in the context of energy trading
• How energy trades fare in bankruptcies
• Key US, state, and local income tax issues for energy trading
• Special tax rules for exchange-traded energy contracts
• Selling production tax credits
About the Editors
Peter C. Fusaro is the best selling author of What Went Wrong at Enron and is an energy industry thought leader noted for his keen insights in emerging energy and environmental issues. He co-founded the Energy Hedge Fund Center, an energy hedge fund directory, and the newsletter Energy Hedge . With 32 years experience in the global energy industry, Peter has been at the forefront of energy industry change. He coined the term “Green Trading” as well as created the annual Green Trading Summit held in New York each spring. Peter was recently selected for Who's Who in America for 2007. His experiences and insights have lead him to the leading edge of energy consulting, including carbon & emissions trading, clean energy technology, renewable energy project finance and venture capital, LNG market developments, coal trading, and hedge funds. He founded Global Change Associates in 1991 to focus on the interplay and convergence of energy and environmental financial markets.
Andrea S. Kramer is a partner in the law firm of McDermott Will & Emery LLP, based in its Chicago office. She is a member of the Firm’s Tax Department; head of its Financial Products, Trading and Derivatives Group; and co chairs its Energy Services Group. Andie is active in Firm management, serving as chair of the Firm’s Gender Diversity Committee, and as a member of its Management Committee. She served on the Firm’s Compensation Committee from 2004 to 2007. Andie focuses her practice on the design, taxation, regulation and documentation of derivative financial products. Her client responsibilities include tax and regulatory counseling and defense, legislative matters, documentation of customized over-the-counter products, trading policies and procedures, and bankruptcy and creditor’s rights issues. She advises financial service firms and a wide range of multinational businesses on the design, trading and risk management applications of financial products. Andie also represents insurance companies, energy companies, public utilities, and hedge funds in the full range of their derivatives trading, legal, and tax matters. She devotes a substantial amount of time representing taxpayers in contested tax matters with the IRS.
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