Client Services / Energy and Derivatives Markets / Global Renewable Energy, Emissions and New Products

Global Renewable Energy, Emissions and New Products

U.S. and International Emissions Trading

McDermott represents investment banks, hedge funds and trade associations in regulatory analysis and transaction negotiations related to emissions trading.  We have deep, thorough understanding of the governing US and EU regulatory issues related to emissions trading and critical deal points for US, EU and Kyoto emissions trading.  McDermott’s leadership is exemplified by our work for one of the leading interest groups preparing a standard form agreement for the trading of US emission allowances.  McDermott has prepared numerous clients for participation in the UK and EU emissions trading schemes, including analyzing differing EU member regimes and regulatory structures.  Kari Larsen has spoken on global emissions trading at the 2004 and 2006 ISDA Energy, Commodities and Developing Products Conference and at the 2004 ISDA Documentation Initiatives in Collateral, Credit and Commodity Derivatives Conference, as well as at the McDermott Energy Conferences.

Wind/Renewable Power Purchase Agreements

The EDM team has extensive experience assisting clients in drafting and negotiating Power Purchase Agreements associated with wind and other renewable energy resources.  In its representation, the EDM group focuses not only on providing clients exemplary drafting and negotiation skills, but also incorporates its knowledge of industry specific issues surrounding wind and renewable energy resources, including interconnections, transmission system reliability issues, receipt and delivery of energy from renewable energy resources, renewable energy trading credits, renewable energy tax credits, and various other emergent factors.  The EDM group provides clients tailored representation based on its clients interests and keeps them apprised of timely changes occurring in the various states and control areas, including ERCOT, to assist clients in managing their legal risks and capitalizing on business opportunities.

Renewable Energy Certificates/Credits

McDermott has substantial experience with all facets of renewable energy certificate/credit (REC) agreements, including homegrown REC forward agreements, brown-to-green swaps and total output with RECs power purchase agreements.  In addition, we have extensive knowledge about state renewable portfolio standards, independent system operator REC requirements, and advised clients regarding the various renewable energy product types, qualifications and ownership of renewable attributes on a state-by-state basis.

Project Finance for Green Projects

McDermott's team of project development and finance lawyers excel in structuring and negotiating the acquisition, sale, development, financing and restructuring of major infrastructure and industrial projects all over the world.  Our Project Development and Finance Practice consists of top tier lawyers with industry specific knowledge and expertise in finance, corporate, tax, regulatory and environmental matters.  This depth of experience allows McDermott to offer its clients reasoned perspective and innovative deal structuring which are quickly brought to bear on the inevitable difficulties that arise in the negotiating and closing of a complex infrastructure projects.  We pride ourselves on being able to negotiate creative solutions based upon our comprehensive knowledge of these evolving areas. 

Lawyers in our Project Finance Practice have negotiated the development and financing of a broad spectrum of projects, including international and domestic power production facilities and industrial plants serving loads on a merchant, fixed contract or mixed basis, including wind, geothermal, hydro, wood‑waste, agri‑waste and landfill and other alternate and renewable resource power plants.

Energy Efficiency

Our EDM Group  advises marketers, schedulers, commercial users, project developers, financial institutions and technology vendors on federal and state regulatory and market structure regarding energy efficiency measures, including load/demand response, demand-side management, smart metering, new construction, and the formation of related energy efficiency, emissions offset and renewable trading opportunities.  The services we provide include:

  • Analysis of PJM, NYISO, ERCOT, ISO-NE and MISO demand response programs, including eligibility, scheduling, aggregation and participation in energy, capacity and potential ancillary services markets.
  • Analysis and administrative litigation regarding state- and utility-sponsored energy efficiency programs and policies, including demand response and demand-side management.
  • Review of public utility rate design, incentives, societal benefit charges and cost allocation associated with energy efficiency measures deployed by public utilities.  Participate in regulatory rate and policy setting proceedings before multiple state commissions.
  • Review of competitive metering and data as it relates to energy efficiency measures.
  • Development of policies, strategies and document to address ownership of emissions reductions and renewable attributes associated with the implementation of energy efficiency and renewable measures.
  • Advising on intellectual property, technology and data protection considerations regarding the implementation of energy efficiency measures.
  • Advising on development of "white tag" energy efficiency state and regional tracking and trading systems.
  • Advising on documentation for the scheduling of load response and market participation.
  • Advising commercial energy consumer regarding the coordination of energy purchasing (including renewable generation supply), demand reduction, and load response as part of a comprehensive energy efficiency and sustainability plan.

Contacts

Energy and Derivatives Markets Client Services

McDermott Will & Emery

McDermott Will and Emery