In the News

Project Finance Honors Two Haynes and Boone Deals as Deals of the Year

Two transactions led by Haynes and Boone, LLP lawyers have been selected as 2012 Deals of the Year by Project Finance magazine. The magazine featured the firm’s Tarahumara Pipeline transaction as the Latin America Midstream Deal of the Year and its work with the Panda Power Funds financings of Texas power plants as the North American Merchant Power Deal of the Year. >>



Recent Publications

ISDA Publishes Form of Amendment to Address Uncertainty Regarding Section 2(a)(iii)

The International Swaps and Derivatives Association, Inc. (“ISDA”) has published a form of amendment to the 1992 and 2002 ISDA Master Agreements intended to address continuing uncertainty regarding the condition precedent set forth in Section 2(a)(iii) of both such Master Agreements (“Section 2(a)(iii)”). >>

ISDA Section 2(a)(iii): Problems and Solutions

In recent years, one clause of the ISDA Master Agreement has been the source of a great deal of consternation among derivatives lawyers: the condition precedent set forth in Section 2(a)(iii), which purports to suspend a party’s payment obligations in the event of a continuing default by the other party. >>

CFTC Loosens Requirements for Swaps for Utility Special Entities

On March 21, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the CFTC issued a no-action relief letter (the “2014 Letter”), to temporarily allow entities to deal in utility operations-related swaps, as defined in the 2014 Letter, without counting such swaps towards the “sub-limit” threshold for swap dealer registration with regard to such swaps. >>



Jeff Nichols

Partner

Houston


1221 McKinney Street
Suite 2100
Houston, 77010
T +1 713.547.2052
F +1 713.236.5542

Áreas de Practica

Educación

  • J.D., Southern Methodist University Dedman School of Law, 1996
  • M.B.A., Southern Methodist University Cox School of Business, 1996
  • B.A., Economics, University of Michigan, 1992

Bar Admissions

  • Texas
  • New York
Jeff Nichols

Jeff Nichols represents a variety of clients in the energy and finance industries with secured and unsecured credit facilities, project finance and other structured energy transactions. He has broad experience in the merchant energy industry and has experience working with ISDA, NAESB, EEI and other industry form agreements.

Representative Experience - Oil and Gas

  • Represented several private equity firms, insurance companies, banks and other financial institutions with “mezzanine” or “stretch” loans to fund the acquisition and development of oil and gas properties in Texas, Louisiana, Oklahoma, Kansas, West Virginia, Pennsylvania, Colorado, Wyoming and North Dakota.
  • Represented a financial institution in connection with the bankruptcy exit financing of an oil and gas company in Canada.
  • Represented a lender with the financing of a Marcellus development in Pennsylvania through a loan and net profits interest in the properties.
  • Represented a lender with the financing of Eagle Ford properties through a loan and convertible royalty interest.
  • Represented an energy trading affiliate of a large bank with a structured forward sale of production under a "prepaid" hedging transaction secured by oil and gas assets located in South Dakota and Colorado, using ISDA documents for the hedges and traditional oil and gas financing documents for collateral support.
  • Represented an oil and gas company with a structured forward sale of production under a "prepaid" hedging transaction secured by oil and gas assets located in California, Texas and Kansas, using ISDA documents for the hedges and traditional oil and gas financing documents for collateral support.
  • Represented a financial firm with the restructuring of its mezzanine debt and equity investment in an privately held independent oil and gas company based in Houston, Texas with operations in Texas, Louisiana and Mississippi, which involved a new investment of subordinated debt and the conversion of debt to equity in a restructuring of $1.06 billion of existing and new debt and equity.
  • Represented a financial firm with the debt and equity investment totaling $485 million to finance the exploratory well and subsequent development of a deepwater Gulf of Mexico oil field.
  • Represented a large bank with a $150 million second lien syndicated credit agreement for an oil and gas exploration company located in Tulsa, Oklahoma with reserves in Texas, Oklahoma and New Mexico.
  • Represented a shallow-water Gulf of Mexico exploration and production company with its debtor-in-possession financing as part of a bankruptcy filing and its recapitalization and refinancing after bankruptcy.
  • Represented a Texas exploration and production company with its financial restructuring, including the negotiation of an intercreditor agreement and ISDA agreements among outside third party hedge providers and credit facility lenders.

Representative Experience - Power, Coal and Midstream

  • Represented an independent power producer in connection with an Energy Management Agreement and other energy trading documents governing the purchase of gas and the sale of electric power, and the financial hedging of gas and power, for two natural gas-fueled, combined-cycle power plants under development in Texas.
  • Represented several oil and gas and electric power companies in connection with Dodd Frank issues relating to their status as commercial end users and the amendment of their ISDA documentation, including pursuant to the ISDA August 2012 DF Protocol.
  • Led a team of lawyers in the workout and refinancing of a used motor oil refinery in San Francisco, California.
  • Represented a wholesale power marketer with an ISDA Master Agreement with the ISDA Power Annex for the sale of physical power, with amendments for the Nodal changes for the ERCOT market.
  • Represented the buyer of a coal mine in Pennsylvania with the structured financing of the purchase price which included physical and financial hedges of coal.
  • Led a team of lawyers to support a bank's internal legal department with the negotiation of its ISDA agreements with energy companies, including advising the bank on its guidelines for each provision under the ISDA Schedules for energy hedges.
  • Advised a retail electric provider with the negotiation of an agreement with an energy trader to provide "credit sleeve" hedges to provide financing and price hedges and for electricity and natural gas.
  • Represented a gas trading firm with an asset management agreement with a gas midstream company for managing and trading gas storage.
  • Represented a large, natural gas power plant project with the outage and refurbishment of its turbine and transformers, which involved the extensive negotiation of engineering, procurement and construction (EPC) agreements and master service agreements (MSAs).
  • Represented a large, coal-fired power plant project with contracts relating to the re-processing of bituminous coal ash.

Selected Publications and Presentations

  • "New Paradigm in E&P Finance," guest article, Oil & Gas Monitor, March 10, 2014.

Selected Representative Experience


Term Revolving Loan
Represented Morgan Stanley Capital Group Inc., as administrative agent, collateral agent and lender in a senior secured credit facility with BNK Petroleum (U.S.) Inc. The credit facility has a maximum commitment of $100 million and features a revolver commitment, with a development loan feature. The loan is secured by borrower's oil and gas properties in Oklahoma and pledged equity from borrower's U.S. parent company and Canadian publicly traded holding company.

Endeavor Energy Resources Tack-On Offering
Represented Endeavor Energy Resources, L.P. in a tack-on public offering of $250 million senior notes.

Revolving Loan
Represented large financial institution as a lender in a $200 million revolver loan secured by borrower's oil and gas properties in Texas.

Oil and Gas Physical and Financial Transaction
Represented Asset Risk Management, an oil and gas marketer, in connection with its sale of physical gas and purchase of financial hedges.

Cross-Border Canadian Bankruptcy Exit Financing Lending and Hedge Providing
Represented large financial institution as a lender and hedge provider under a $130 million cross-border, bankruptcy exit financing credit facility for a Canadian borrower, secured by properties in Alberta and other areas of Canada.

Warrant Purchase
Represented Trans Energy, Inc. in the re-purchase of warrants issued to Chambers Energy Partners.

Revolving Credit Facility
Represented Deutsche Bank AG as lender in connection with a $140 million senior secured revolving loan with borrower Great Western Petroleum, LLC. The four-year term credit facility is secured by the borrower's and its subsidiaries' oil and gas properties and assets in Colorado.

$75 Million Development Loan
Represented the mezzanine capital provider in the negotiation of a senior secured credit facility to finance the development of Permian Basin oil and gas properties. The facility involved an advancing line of credit secured by all of the borrower’s assets, including the oil and gas properties. The lenders under the debt facility additionally received a net profits interest in the oil and gas properties.

Debt and Equity Facility in Upstream and Midstream Oil and Gas Company
Represented the capital provider in the negotiation of a senior secured credit facility and equity investment to finance the acquisition and development of oil and gas properties and related midstream facilities located in the mid-continent region. The credit facility involved an advancing line of credit secured by all of the borrower’s assets, including the oil and gas properties and midstream assets. The lenders under the debt facility additionally received a net profits interest in the oil and gas properties and in the cash flow from the midstream system.

Revolving Credit Facility
Represented Deutsche Bank AG as lender in connection with a $130 million senior secured credit facility with co-borrowers Jay-Bee Production Company and JB Exploration I, LLC. The credit facility featured borrowing base and over advance loans and was secured by the borrowers’ oil and gas properties and assets in West Virginia.

Term Loan
Represented a large financial institution as administrative agent and lender in $200 million senior secured credit facility with an independent E&P company. The loan proceeds will be used to refinance existing swap facilities and finance the purchase of oil and gas properties in Divide County, North Dakota.

Term Loan
Represented a large financial institution as administrative agent and lender in a senior secured credit facility with an E&P and gas gathering company. The credit facility features a revolver commitment of $180 million, with a development loan commitment of $20 million. The loan is secured by borrower's properties in Kentucky and Tennessee.

Term Loan
Represented a large financial institution as a lender in a $200 million revolver loan with a letter of credit feature. The loan proceeds will be used to develop the borrower's and subsidiary's oil and gas properties in Texas and Louisiana.

$500 Million Senior Secured Credit Facility
Represented E&P company as borrower under $500 million credit facility entered into in connection with the company's refinancing of existing indebtedness and acquisition of oil and gas properties.

$60 Million Senior Secured Credit Facility
Represented administrative agent and lender in a $60 million senior secured credit facility and equity kicker agreement with a borrower in the oil and gas waste disposal business.

Guggenheim Partners - Secured Term Loan
Represented agent and lender in a secured term loan to an oil recycling refinery, with operations across Louisiana, Indiana, Nevada and California, secured by liens upon the various refining and storage operations. The lenders additionally received an equity kicker in the form of warrants in the borrower. Further represented the lenders in the negotiation of multiple intercreditor agreements and subordination agreements among the various other creditors of the borrower.

$250 Million Secured Credit Facility
Represented offshore E&P company as borrower in a $250 million credit facility secured by the borrower's offshore Gulf of Mexico properties. In connection with the credit facility, represented the borrower in the negotiation of multiple intercreditor agreements with the second lien creditors and the hedge providers.

$250 Million Senior Secured Credit Facility
Represented E&P company as borrower under a $250 million credit facility entered into in connection with the company's refinancing of existing indebtedness and recapitalization.

Panda Power Funds/Temple Gas-Fired Power Plant
Represented Panda Power Funds in the secured financing of the development of a natural gas-fired power plant in Temple, Texas.

$50 Million Senior Secured Second Lien Term Loan Facility
Represented Wells Fargo Energy Capital, Inc., as the administrative agent and sole lender, in a $50 million senior secured second lien term loan to LRR Energy, L.P. The loan was secured by LRR Energy, L.P.'s oil and gas properties located in the Permian Basin as well as Oklahoma and the Texas Gulf Coast.

Restructuring of Debt and Equity Structure for Offshore Oil and Gas Exploration Company
Represented Pisces Energy LLC and its parent company, Pisces Energy Holding, LLC in the partial prepayment and amendment and restatement of its second lien loan agreement, and the exchange by one of its investors of all of its second lien debt in Pisces Energy LLC in exchange for preferred equity in the parent company.

$56 Million Syndicated Credit Facility for Cadre Proppants, a Frac-Sand Proppant Company
Represented a frac-sand company in a $56 million syndicated credit facility with multiple tranches of debt.

$150 Million Development Loan - Marcellus Shale
Represented Wells Fargo Energy Capital, Inc. in a secured $150 million development financing involving shale oil and gas assets in Pennsylvania. Facility was secured by the oil and gas properties and the lenders additionally received a net profits interest from the production.

Guggenheim Partners - $50 Million Debt Purchase and Refinancing
Represented credit provider in connection with a $50 million distressed debt purchase and subsequent refinancing of a green energy oil recycling refinery in San Francisco, California.

Amegy Bank, N.A. and National Bank of Arizona - Solar Energy Project Financing
Represented the agent and lender in a complex financing of a solar energy company which will lease solar equipment to thousands of homeowners. The financing was secured by various federal and state solar energy grants and incentives and the leased solar equipment.

$100 Million Senior Secured Credit Facility and $60 Million Equity Investment - Eagle Ford Shale
Represented the administrative agent and investor in joint debt and equity facilities to finance the acquisition and development of oil and gas properties located in the Eagle Ford Shale Play. The debt facility involved a $100 million advancing line credit facility secured by all of the borrower’s assets, including the oil and gas properties. The lenders under the debt facility additionally received a convertible royalty interest, consisting of an overriding royalty interest that converts into a net profits interest, in the oil and gas properties. The equity facility involved the formation of a limited partnership to own and operate the properties and an initial capital investment of $30 million.

Prepaid Swap Facility
Represented DB Energy Trading LLC an affiliate of Deutsche Bank, AG and J&S 2008 Program, L.L.C. in a prepaid swap facility for $10.5 million.

Prepaid Swap Facility
Represented DB Energy Trading LLC in a $42.5 million prepaid swap facility, with multiple tranches of debt and ability to increase and reset the swap amount upon meeting certain conditions with Great Western Oil and Gas Company, LLC.

Representation - Contracts Related to Bituminous Coal Ash Reprocessing
Represented a large, coal-fired power plant project with contracts relating to the re-processing of bituminous coal ash.

Representation of Australian Company - Acquisition of Finance Services Company
Represented an Australian publicly traded company with the acquisition of the premier provider of special purpose entity and structured finance services, which required collaboration with accountants concerning generally accepted accounting principals (GAAP) and international accounting standards (IAS) relating to the non-consolidation rules, including FASB Interpretation No. 46, Consolidation of Variable Interest Entities (FASB 46), and the IAS 27, Consolidated Financial Statements and Accounting for Investments in Subsidiaries, for special purpose entities holding billions of dollars of assets.

Representation of Hedge Fund - Investment in Gas Compressor Company
Represented a hedge fund with the investment in a gas compressor company consisting of warrants, subordinated debt, term loans and revolving loans, which refinanced numerous lease financing vehicles for gas compression equipment.

Representation of Hedge Fund - Investment in Seismic Gathering Company
Represented a hedge fund with the investment in a seismic gathering company consisting of term loans and warrants, acting as a bridge financing until the initial public offering of the company.

Representation of Hong Kong Company with Acquisition
Represented a Hong Kong company with the acquisition from a Japanese venture capital fund of debt and warrants in a U.S. company holding Chinese oil and gas concession rights, and subsequent restructuring of the investment.

Representation of Investor - Alternative Energy Project
Represented an investor in an alternative energy project that will use renewable biogas energy sources to sell natural gas and carbon credits.

Representation of Natural Gas Power Plant - Outage and Refurbishment of Turbine and Transformers
Represented a large, natural gas power plant project with the outage and refurbishment of its turbine and transformers, which involved the extensive negotiation of engineering, procurement and construction (EPC) agreements and master service agreements (MSAs).

Negotiation of ISDA Annex for Gas Purchases
Represented an independent power producer in the negotiation of an ISDA with an ISDA North American Gas Annex for gas purchases.

Negotiation of ISDA Annex for Crude Oil Purchases
Negotiated an ISDA with an ISDA North American Crude Oil Annex for crude oil purchases by a chemical company from an international bank.

Negotiation of Electricity Purchase Contract
Represented a large real estate management company in negotiating an electricity purchase contract from a retail electricity provider (REP), lowering the cost of power for its properties by less than half.

Hedging Facility
Advised a wholesale electric provider with the negotiation of agreements with a retail electricity provider to provide financing, price hedges and for physical sales of electricity and natural gas.

Sale and Purchase of Natural Gas
Represented an independent power producer in the negotiation of a NAESB base contract for sale and purchase of natural gas with an energy trading affiliate of an international bank.

Sale of Physical Power
Represented a wholesale power marketer with an ISDA Master Agreement with the ISDA Power Annex for the sale of physical power, with amendments for the Nodal changes for the ERCOT market.

Securitization of Receivables - Large Chemical Company
Represented a large chemical company with the securitization of its receivables financed by a commercial paper conduit.

Securitization of Receivables from Contract with Mexican Government
Represented a large oil and gas service company with the securitization of its receivables from a large contract with a unit of the Mexican government, including rendering a true sale opinion under New York law and assisting with a true sale opinion rendered by Mexican counsel.

Structured Financing - Coal Mine
Represented the buyer of a coal mine in Pennsylvania with the structured financing of the purchase price which included physical and financial hedges of coal.

Structured Forward Sale of Crude and Natural Gas Production
Represented an oil and gas company with a structured forward sale of production "prepaid" hedging transaction secured by oil and gas assets located in Long Beach, California, using ISDA documents for the hedges and traditional oil and gas financing documents for collateral support.

Structured Forward Sale of Production
Represented an oil and gas company with a structured forward sale of production under a "prepaid" hedging transaction secured by oil and gas assets located in California, Texas and Kansas, using ISDA documents for the hedges and traditional oil and gas financing documents for collateral support.

Term and Revolving Loan - Oil and Gas Exploration and Production Company
Represented a large commercial bank with a term and revolving loan to an oil and gas exploration and production company secured by oil and gas reserves.

Hedge Fund Representation - Purchase of Mineral Interests
Represented a hedge fund in a combined loan and purchase of mineral interests to fund an oil and gas development program.

Gas Storage Asset Management Agreement
Represented a gas trading firm with an asset management agreement with a gas midstream company for managing and trading gas storage.

Cross-Collateralized Credit and Hedge Facility
Represented an oil and gas company in a cross-collateralized credit and hedge facility with hedge providers and banks, secured by oil and gas properties in Texas.

Acquisition - Refining and Waste Processing Facility
Represented venture capital investors with the acquisition and restructuring of the equity and debt of a refining and waste processing facility used to extract metals from heavy oil waste from refineries.

Prepaid Swap Facility
Represented DB Energy Trading LLC, an affiliate of Deutsche Bank, in a $20 million prepaid swap facility between AG and GWOG Williston, LLC secured by Williston Basin, North Dakota oil and gas assets.

Online Publications

06/24/2014 - ISDA Publishes Form of Amendment to Address Uncertainty Regarding Section 2(a)(iii)
The International Swaps and Derivatives Association, Inc. (“ISDA”) has published a form of amendment to the 1992 and 2002 ISDA Master Agreements intended to address continuing uncertainty regarding the condition precedent set forth in Section 2(a)(iii) of both such Master Agreements (“Section 2(a)(iii)”).

04/23/2014 - ISDA Section 2(a)(iii): Problems and Solutions
In recent years, one clause of the ISDA Master Agreement has been the source of a great deal of consternation among derivatives lawyers: the condition precedent set forth in Section 2(a)(iii), which purports to suspend a party’s payment obligations in the event of a continuing default by the other party.

04/04/2014 - CFTC Loosens Requirements for Swaps for Utility Special Entities
On March 21, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the CFTC issued a no-action relief letter (the “2014 Letter”), to temporarily allow entities to deal in utility operations-related swaps, as defined in the 2014 Letter, without counting such swaps towards the “sub-limit” threshold for swap dealer registration with regard to such swaps.

03/10/2014 - Oil & Gas Monitor Guest Article: New Paradigm in E&P Finance
Domestic exploration, production and development have been transformed by technological advances leading to an explosion of unconventional and conventional production of oil, natural gas and natural gas liquids. The first stage of this recent transformation was the land grab and lease maintenance drilling in the early part of the decade.

12/11/2013 - Dodd-Frank Update: Cross-Border Application
The U.S. Commodity Futures Trading Commission has issued interpretive guidance regarding which Dodd-Frank requirements apply to certain non-U.S. swap transactions.

05/15/2013 - Dodd-Frank Update: CFTC ISO/RTO Exemptive Order
On March 28, 2013, the Commodity Futures Trading Commission (“CFTC”) issued a final order exempting specified transactions by certain regional transmission organizations (“RTO”) and independent system operators (“ISO”) from all but the general anti-fraud and anti-manipulation prohibitions of the Commodity Exchange Act (“CEA”) and related CFTC regulations promulgated thereunder (“Exemptive Order”).

05/10/2013 - Dodd-Frank Update: CFTC Inter-Affiliate Swap Clearing Exemption
On April 1, 2013, the U.S. Commodity Futures Trading Commission (“CFTC”) issued a final rule exempting swaps between certain affiliated entities from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (“CEA”) and CFTC regulations (“Final Rule”).

04/03/2013 - Update on Dodd-Frank Requirements for Swap Guarantees
The Commodities Futures Trading Commission (the “CFTC”), pursuant to its rulemaking authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) , has interpreted guarantees of swap agreements to fall under the definition of a swap...

02/21/2013 - Credit Agreement Guarantees and Similar Agreements May Require Amendments to Remain Dodd-Frank Compliant
Pursuant to new rules and interpretations issued by the U.S. Commodity Futures Trading Commission (the “CFTC”) and the Securities Exchange Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with related rules, regulations and interpretations, the “Dodd-Frank Act”), a “swap” has been interpreted to include any guarantee of a swap.

12/18/2012 - ISDA Protocol Compliance Deadlines Delayed
End users will be relieved to know that compliance dates for business conduct and documentation rules related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) have now been delayed until May 1, 2013.

11/30/2012 - ISDA Protocol Compliance Deadlines Loom
On November 20 and 27, 2012, the International Swaps and Derivatives Association, Inc. (“ISDA”) filed two letters with the Commodity Futures Trading Commission (“CFTC”) requesting an extension of compliance dates for certain new business conduct, portfolio reconciliation and swap trading relationship documentation requirements issued by the CFTC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

09/18/2012 - Commercial End Users Must Start Compliance with Dodd-Frank
After great delay since its passage in 2010, this fall energy companies and other companies that use swaps as hedges, like insurance, to mitigate commodity risk associated with their business (“End Users”) must start complying with The Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

09/05/2012 - Updated: What Does “Hedge or Mitigate Commercial Risk” Mean? How Will Energy Producers and Consumers Prove They Are “Commercial End Users” Under the Dodd-Frank Act?
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or the “Act”) attempts to sort through the energy trading and hedging market to protect “commercial end users” from new regulatory burdens intended for trading firms and financial institutions.

02/24/2012 - What Does "Hedge or Mitigate Commercial Risk" Mean? How Will Energy Producers and Consumers Prove They are "Commercial End Users" Under the Dodd-Frank Act?
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or the "Act") attempts to sort through the energy trading and hedging market to protect "commercial end users" from new regulatory burdens intended for trading firms and financial institutions.

12/05/2011 - CFTC Position Limit Rules Challenged in Lawsuit by ISDA and SIFMA
On Friday, December 2, 2011, the International Swaps and Derivatives Association ("ISDA") and the Securities Industry and Financial Markets Association ("SIFMA") jointly filed a lawsuit in the U.S. District Court for the District of Columbia against the Commodity Futures Trading Commission ("CFTC") and a petition for review in the U.S. Court of Appeals for the District of Columbia Circuit challenging the final rules establishing speculative position limits on certain physical commodity futures and option contracts (the "Position Limit Rules"), which were adopted by the CFTC at its October 18, 2011 meeting.

11/16/2011 - Update on CFTC Rulemaking: CFTC Issues Final Rules on Position Limits for Commodity Futures and Swaps
At its open meeting on October 18, 2011, the Commodity Futures Trading Commission adopted final rules to establish speculative position limits for 28 physical commodity futures and options contracts and futures, options, swap, or swaption contracts that are economically equivalent to such Core Referenced Futures Contracts.

06/28/2011 - Dodd-Frank Revisited
The Dodd-Frank Act is a long, complicated law that is several times longer than the Sarbanes-Oxley and Glass-Steagall Acts combined and energy companies will need to react to changes to the ways commodities are hedged in the United States as more regulations promulgated to implement the law.

11/10/2010 - Hedging the Dodd-Frank Act
The Dodd-Frank Wall Street Reform Act is the most significant financial legislation enacted since the Depression-era reforms of 75 years ago. Its 2,300 pages govern nearly every area of our financial lives. It is complicated and open-ended: In writing regulations, government agencies will decide the winners and losers. Everyone agrees the legislation will be a game-changer.

07/08/2009 - House Passes American Clean Energy and Security Act
On June 26th, the House of Representatives narrowly passed the American Clean Energy and Security Act (“ACES”), H.R. 2454. The bill will next be considered by the Senate, with some predicting a full Senate vote held in October. Because of the significance of this bill and the material effect it will have on many sectors of the economy, we thought it would be useful to summarize the House-passed version.