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Baker Botts Energy Update 2019 – a Year of Change for Worldwide Energy 2019 Year in Review and 2020 Outlook

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Baker Botts Energy Update 2019 – a Year of Change for Worldwide Energy 2019 Year in Review and 2020 Outlook BAKER BOTTS ENERGY UPDATE 2019 – A YEAR OF CHANGE FOR WORLDWIDE ENERGY 2019 YEAR IN REVIEW AND 2020 OUTLOOK BAKER BOTTS 2019 YEAR IN REVIEW AND 2020 OUTLOOK 1 EDITOR’S NOTE To our clients and friends, Early each year, we take the opportunity to review significant developments in the worldwide energy industry for the previous year and offer our views on what these developments may mean for the coming year. While 2019 was a banner year for the broader market, with the S&P 500 Index increasing close to 30% on the year, not all parts of the energy sector saw the benefits of this market increase. 2019 will be remembered much more in the sector as a year of change than a year of superb performance or returns. There were certainly bright spots, with utility and mineral and royalty stocks having strong years and the renewables space continuing to see notable progress and increasing tailwinds. However, concerns about over-supply, international trade and economic deceleration in China and other international markets, along with a laser focus from Wall Street on free cash flow over growth, all contributed to what was a challenging market for much of the oil and gas space. As a result, 2019 saw a good deal of industry consolidation and restructurings, particularly in the upstream and oilfield services spaces, and an evolution in how companies look to finance projects, particularly in the midstream space. The growing concern over climate change undeniably played a large role in 2019 as well and led to an increase in investments in renewables, even by traditional bellwether oil and gas companies. Looking ahead, 2020 has already gotten off to an eventful start with U.S. and Iranian tensions coming close to a boiling point and the outbreak of the coronavirus beginning to inject anxiety into the market and place downward pressure on oil prices. With the U.S. presidential elections this coming November and the dust beginning to settle on the UK’s recent withdrawal from the EU, the remainder of 2020 promises to be just as exciting and momentous for the energy sector. In the face of great uncertainty ahead for the global markets generally, and the energy industry in particular, the only thing that seems certain is that, in the words of Bob Dylan, “the times they are a changin.” The discussion below is broadly organized into sections covering (i) Power and Utilities, (ii) Oil and Gas and (iii) Renewables, with particular areas of focus on each of these sections set forth below in the table of contents. BAKER BOTTS 2019 YEAR IN REVIEW AND 2020 OUTLOOK 2 TABLE OF CONTENTS Power and Utilities .................................................................................................................. 5 U.S. Utilities ............................................................................................................................................................................................. 6 Independent Power Producers and Non-Utility Generators ............................................................................................... 8 Bankruptcy Court May Authorize Rejection of FERC-Regulated Contracts in Sixth Circuit .................................... 9 Revisions to PJM Interconnection Market Rules ................................................................................................................... 10 PURPA Reform .................................................................................................................................................................................... 11 Electric Transmission Incentives .................................................................................................................................................. 12 Energy Storage and MISO Storage as Transmission-Only Assets .................................................................................. 13 Electric Transmission Return on Equity Developments ...................................................................................................... 14 REMIT Enforcement Intensifies .................................................................................................................................................... 15 Foreign Direct Investment Screening for Investments in the Energy Sector ............................................................. 16 Power Companies Advance Voluntary Avian Protection Without Threat of Liability for Incidental Takings ............................................................................................................................................................................. 18 Oil and Gas .............................................................................................................................. 20 Upstream Oil and Gas and Mineral/Royalty ........................................................................................................................... 21 Midstream ............................................................................................................................................................................................ 25 MLPs Evolving to Survive (Perhaps Not as MLPs) ................................................................................................................ 27 Midstream REITs as an MLP Substitute .................................................................................................................................... 29 Texas Bankruptcy Court Denies Rejection of Certain Production Dedication Midstream Agreements ......................................................................................................................................................................................... 30 Oilfield Services .................................................................................................................................................................................. 33 Liquified Natural Gas ........................................................................................................................................................................ 34 Chemicals .............................................................................................................................................................................................. 36 Report on the Environment ........................................................................................................................................................... 37 Carbon Capture Tax Credit: Section 45Q ................................................................................................................................. 38 Renewable Energy ................................................................................................................ 40 Wind ....................................................................................................................................................................................................... 41 Solar ........................................................................................................................................................................................................ 42 Storage .................................................................................................................................................................................................. 44 2019: Preparing for an Uncertain Future for Renewable Tax Credits ........................................................................... 47 Trends in Corporate PPAs .............................................................................................................................................................. 48 BAKER BOTTS 2019 YEAR IN REVIEW AND 2020 OUTLOOK 3 European Corporate PPAs.............................................................................................................................................................. 50 D.C. Circuit Court’s Decision in Hoopa Valley Tribe v. FERC ............................................................................................ 51 EPA Proposes Significant Revisions to Its CWA Section 401 Regulations .................................................................. 52 Renewable Development on Potentially Contaminated Lands ....................................................................................... 53 Index ....................................................................................................................................................................................................... 55 Endnotes ............................................................................................................................................................................................... 56 EDITORS: Partner: Jonathan Bobinger Associates: Jude Dworaczyk, Nathaniel Richards CONTRIBUTORS: Partners: James Barkley, Jonathan Bobinger, Michael Bresson, Chris Carr, Joshua Davidson, Michael Didriksen, James Douglass, A.J. Ericksen, Manny Grillo, Justin Hoffman, Thomas Holmberg, Matt Levitt, Don Lonczak, Scott Looper, Steve Marcus, Barbara De Marigny, Jim Marshall, Hamish McArdle, Jim Prince, Jason Rocha, Jay Ryan, Timothy Taylor, Elaine Walsh, Matt West Counsel: Emil Barth, Peter del Vecchio, Matt Donnelly, Bart Seitz Associates: Sean Aguirre, Megan Conner, Sofia Doudountsaki, Jude Dworaczyk, Peter Farrell, Kyle Henne, Leslie Hodge, Branden Lankford, Nathaniel
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