Energy Regulatory & Markets

We advise clients on the regulation of energy assets, including renewable and fossil generation, energy storage facilities, electric transmission and distribution facilities, and oil and natural gas facilities. We facilitate clients’ development, operation, and commercialization of these energy assets as well as other emerging technologies, including navigating through a variety of government incentive programs.

Our team represents companies involved in electric power generation, storage, transmission, and distribution, natural gas, crude oil, and petroleum product transportation and storage, liquefied natural gas facilities, gas processing and natural gas liquids, energy commodity trading. We also represent debt and equity investors — including institutional lenders and private equity sponsors — that fund energy projects. We collaborate with colleagues across project finance, corporate finance, leveraged finance, capital markets, M&A, tax, and environmental disciplines to assist clients with both the regulatory and transactional aspects of acquisitions, divestitures, and financings, as well as the development, siting, interconnection of energy projects, and the structuring of a variety of energy transactions.

US Energy Markets

Leveraging extensive experience in the development, structuring, design, and enforcement of the rules, regulations, and practices in US energy markets, we routinely achieve favorable outcomes for industry participants in controversy, enforcement and policy matters. We have significant experience before the Federal Energy Regulatory Commission (FERC), the US Department of Energy (DOE), state public utility commissions, the Commodity Futures Trading Commission (CFTC), and other governing agencies.  We represent clients on matters spanning the full complement of federal energy regulation, including those governed by the Federal Power Act, the Natural Gas Act, the Natural Gas Policy Act, the Interstate Commerce Act,  the Public Utility Regulatory Policies Act, and the Public Utility Holding Company Act.

Our team has in depth experience across the US power markets, including the regional transmission organizations (RTOs) and independent system operators (ISOs), on a variety of matters ranging from project interconnection, to market rules and policies, to energy trading.  We also regularly negotiate long-term physical and virtual power purchase agreements and other commodity trading products.

Similarly, the team has decades of experience with all aspects of the natural gas, crude oil, liquefied natural gas, petroleum products, and natural gas liquids industries.  We regularly represent companies in these regulated industries in a full range of FERC proceedings, including rate, tariff, and certificate matters.  We help clients navigate all regulatory approvals and related issues, commercial contracting for the development or expansion of related infrastructure, and draw on experience with adjacent emerging areas like renewable natural gas, and carbon and hydrogen transportation.

European Energy Markets

In Europe, we help clients comply with national energy regulations governing antitrust claims  — both at a national level and before the European Commission, internal market infringements by member states and CO2 emission cases, merger clearance, government investigations, and EU State aid matters.

Energy companies look to Latham & Watkins’ preeminent Energy Regulatory and Markets Practice for assistance with all aspects of commercial and regulatory issues.