The Inflation Reduction Act of 2022, passed by the Senate on August 7, 2022, includes a number of provisions projected to result in significant investments in domestic energy production and manufacturing, and reduce carbon...more
8/11/2022
/ Biden Administration ,
Carbon Capture and Sequestration ,
Carbon Emissions ,
Department of Energy (DOE) ,
Department of Labor (DOL) ,
Energy Sector ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Popular ,
Price Inflation ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
On July 13, the U.S. Department of Energy (DOE) issued Notices of Intent indicating that the agency will begin soliciting applications in the coming months for funding support for two programs involving carbon capture,...more
On March 5, 2021, the ICE Benchmark Administration (the “IBA”) issued feedback that it had completed the consultation with LIBOR panel banks that it began in December 2020, and stated that it will be unable to publish certain...more
On November 6, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued an inter-agency...more
The U.S. dollar LIBOR interest rate index is the most widely used variable interest rate benchmark in the world, serving as the reference rate for over an estimated $200 trillion of financial products worldwide, and official...more
10/30/2020
/ Alternative Reference Rates Committee (ARRC) ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Transactions ,
Interest Rates ,
ISDA ,
ISDA 2020 IBOR Fallbacks Protocol (Protocol) ,
Libor ,
Loan Agreements ,
Secured Overnight Funding Rate (SOFR) ,
UK
As the title suggests, U.S. LIBOR (LIBOR) is going away, with official announcements expected as soon as year-end 2020 of LIBOR’s December 31, 2021 demise. The end of LIBOR will be replete with a plethora of risks for banks,...more
10/23/2020
/ Borrowers ,
Capital Markets ,
Credit Agreements ,
Federal Reserve ,
Interest Rate Hedging Product ,
Interest Rates ,
Legislative Agendas ,
Lenders ,
Libor ,
Loans ,
Mortgages ,
Private Fund Limited Partnerships (PFLPs) ,
Regulatory Oversight ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Transfers of Value ,
U.S. Treasury
Significant Changes to FERC’s Rules for Market-Based Rate Sellers -
On July 18, 2019, the Federal Energy Regulatory Commission (“FERC”) issued two orders modifying its rules for sellers to obtain or retain authorization...more
In a July 25, 2019 order, the Federal Energy Regulatory Commission (“FERC”) directed PJM Interconnection, L.L.C. (“PJM”) not to conduct the Base Residual Auction (“BRA”) to procure capacity for the 2022-2023 delivery year in...more
The U.K. Financial Conduct Authority (the “FCA”) announced on July 27, 2017 that it expects to eliminate the London Interbank Offered Rate (commonly known as “LIBOR”) as a benchmark rate by 2021. No hard deadline has been...more