On January 19, 2017, the Internal Revenue Service (IRS) issued Rev. Proc. 2017-19, 2016-6 I.R.B. (the Rev. Proc.), providing a safe harbor under which it will not challenge the tax treatment of an Energy Savings Performance Contract Energy Savings Agreement
Energy Business Law
Insights for the Global Energy Industry
The Energy Business Law blog, published by McDermott Will & Emery, covers legal and regulatory developments affecting the energy sector, including renewable energy investments, energy market regulations, and environmental compliance. It addresses topics such as energy private equity trends, capacity market rules, carbon capture tax credits, and environmental liability risks for energy companies. The blog also explores the intersection of energy law with ESG investing, sustainability initiatives, and government policies impacting energy markets. It provides insights into structuring energy transactions, navigating federal and state regulations, and managing risks related to energy projects and investments.
Latest from Energy Business Law - Page 5
Government Appeal of Alta Wind Supports Decision to File Suit Now
As you may know, several taxpayers have sued the federal government because they believe they were underpaid under the Section 1603 grant program. Indeed, the taxpayer in the Alta Wind case was successful in convincing the court that the government…
FERC Issues Policy Statement on Storage Resources with Multiple Payment Streams
Last week, the Federal Energy Regulatory Commission (FERC) issued a Policy Statement to provide guidance on the ability of electric storage resources to recover costs through both cost-based and market-based rates concurrently. The Policy Statement appears intended to reconcile two…
Environmental Organizations File Litigation Briefs Supporting New York’s ZEC Program
Two environmental organizations, Environmental Defense Fund (EDF) and Natural Resources Defense Council (NRDC), have weighed in to defend the legality of New York State’s Zero Emissions Credit (ZEC) program in ongoing litigation concerning that program. This blog is tracking the…
Some Considerations for Comments to FERC on Electric Storage NOPR
As this blog previously reported here, the Federal Energy Regulatory Commission (FERC) issued a notice of proposed rulemaking (NOPR) last month with the goal of requiring organized wholesale electricity markets (RTO/ISO markets) to modify their tariffs and rules to…
IRS Issues Additional Guidance on Beginning of Construction Rules for Renewable Projects
On December 15, 2016, the Internal Revenue Service released Notice 2017-04, which provides welcome guidance on how to meet the “beginning of construction” requirements for wind and other qualified facilities. There has been much uncertainty about when construction of these…
CDFI Fund Announces $7 Billion Allocation of New Markets Tax Credits
On November 17, 2016, the US Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced the largest single round award of New Market Tax Credit (NMTC) allocations since the program’s creation in 2001. One hundred and twenty…
FERC Proposes to Remove Barriers to Wholesale Market Participation for Electricity Storage and Distributed Energy Resource Aggregators
On November 17, 2016, the Federal Energy Regulatory Commission (FERC) issued a notice of proposed rulemaking (NOPR) that, if adopted, would require organized wholesale electricity markets (RTO/ISO markets) to modify their open access transmission tariffs and market rules to accommodate…
Court Awards $206 Million to Alta Wind Projects in Section 1603 Grant Litigation
The US Court of Federal Claims awarded damages of more than $206 million to the Plaintiffs in a case with respect to the cash grant program under Section 1603 of the American Recovery and Reinvestment Act of 2009 (the Section…
Final Regulations Define ‘Real Property’ for REITs: Considerations for Renewable Energy and Transmission Assets
On August 31, 2016, the Internal Revenue Service (IRS) and US Department of the Treasury issued final regulations (Final Regulations) under section 856 of the Internal Revenue Code to clarify the definition of “real property” for purposes of sections 856…