Safe and reliable delivery of electricity and natural gas has been the hallmark of energy policy and regulation in the industrialised world for the past 75 years. More recently, regulators, policymakers and the industry began to focus their attention on ways to improve economic efficiency, increase productivity and reduce costs through a seemingly endless series of reforms.
Now, however, the myriad of efficiency mechanisms faces new and unprecedented challenges. Transmission and distribution systems are ageing and desperately need upgrading. Severe new environmental requirements are leading to mass retirements of baseload coal-generation resources. Fuel prices are volatile, adding long-term uncertainty to energy prices. Spikes in the price of raw materials are making the development of new infrastructure all the more expensive. Cyber-security threats are exposing the vulnerabilities of our energy networks. And the global economy continues to threaten our ability to obtain the necessary credit to build and finance energy infrastructure.
This is the sobering backdrop for this inaugural edition of The Energy Regulation and Markets Review. An important new resource for corporate counsel and private practitioners alike, this annual publication provides a business-focused analysis of developments in the electricity industry, while also covering relevant aspects of natural gas, LNG, oil, coal and other energy sources. Written by leading international lawyers, each of the 28 jurisdictional chapters in the volume underlines the fact that there remains much to consider and resolve before we can achieve the kinds of energy security and efficiency we have been pursuing.
David Schwartz is a partner in the finance department of Latham & Watkins’ Washington, DC office. He serves as global chair of the energy regulatory and markets practice, is a member of the project finance group, and is co-chair of the firm’s global energy - power industry group. He has extensive experience representing entities involved in electric generation, transmission and distribution, electric and gas marketing and trading, and gas transportation and distribution.
Mr Schwartz has been active in the formation of the developing electricity markets in the United States; led transactional and regulatory teams in mergers and acquisitions and divestitures of energy companies and assets; litigated contract, rate and transmission access disputes; and drafted federal and state energy legislation. He also has extensive experience in negotiating power purchase and sale agreements, electric transmission agreements, natural gas transportation agreements, energy management agreements, and electric and gas interconnection agreements.
Mr Schwartz regularly advises clients on energy matters before the Federal Energy Regulatory Commission (FERC), various state public utility commissions, the US Department of Justice (DoJ), the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Department of Energy (DoE).
Mr Schwartz is regularly named as a leading energy lawyer in Corporate Counsel Magazine, Best Lawyers in America, The Legal 500 US and both the global and the US Chambers & Partners Guides to Leading Business Lawyers. Mr Schwartz is a member of the American Bar Association and has held leadership positions in the Energy Bar Association.
The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book: