Energy underpins our economy and is central for economic growth globally. Energy makes possible the investments, innovations and new industries that are the engines of jobs, growth and shared prosperity for entire economies. Although fossil fuels remain critical energy resources across the globe, the energy landscape is transforming, and renewable energy is playing an increasingly important role in helping countries develop modern, reliable and resilient energy systems, and address environmental and climate change concerns.
As the pre-eminent energy guru Dan Yergin has stated, ‘innovation in the energy space is quite important’; ‘innovation doesn’t end; technological progress doesn’t end’. The history of the energy industry is ‘really the story of one innovation after another, starting with Colonel Drake in oil and Thomas Edison with the light bulb, to shale gas today’. And since Yergin said these things, innovation has indeed continued, as we have seen significant technological progress in electrical storage and smart energy networks.
Energy M&A is important in the facilitation of innovation, technological change, growth and access to resources in the energy industry. Effective energy M&A practitioners must address a broad range of legal and other issues that arise in all M&A transactions, as well as issues unique to the energy space. This volume puts down a marker in describing many key energy-related M&A issues. That is why this volume is important.
Kirkland & Ellis is a global law firm with over 250 lawyers involved in energy and infrastructure matters. We thought it was time for the firm to take a leadership role in working with The Law Reviews to launch this inaugural volume and serve as global editors.
We would like to thank all the lawyers at Kirkland who developed the US chapter. We would also like to thank the contributing authors from Brazil, Hungary, Nigeria, Portugal and Singapore for their efforts in helping to put together this inaugural volume.
We hope our readers will find this to be a useful resource as they navigate the changing landscape of energy M&A.
Sean T Wheeler, Kristin Mendoza, Roald Nashi and Robert S Fleishman
Kirkland & Ellis LLP
Houston, New York and Washington, DC