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We won a precedent setting appeal before the Texas Public Utility Commission involving a decision of the Electric Reliability Counsel of Texas (ERCOT) on behalf of our clients West Oaks Energy and Longhorn Energy. This PUCT decision rejected a retroactive market resettlement that had been ordered by ERCOT, resulting in a $10 million price reversal for our clients and others. In this case, ERCOT adjusted settled market prices, on a retroactive basis, for the December 1, 2010 through February 1, 2011 period , claiming there had been a “significant software or data error” that justified the price change. In the appeal to the PUCT we demonstrated that in fact there was no software or data error, simply an unhappiness on ERCOT’s part with how its own market design was functioning. The PUCT, by unanimous vote, agreed with us and also agreed that while prospective rule changes are needed from time to time it is extremely harmful to market participants, and to market confidence, to try and make these changes on a retroactive basis. This decision has also led to a potential reversal of a second market resettlement that was ordered by ERCOT. In that second case, and on behalf of firm client XO Energy TX, we had challenged an almost identical retroactive market resettlement as unlawful and contrary to system protocols. This second resettlement involved over $2.7 million. At ERCOT’s request this matter is now being held in abeyance until the next ERCOT Board meeting when it will be reconsidered. We are delighted with these outcomes and believe the PUCT decision is likely to put an end to unwarranted, after the fact price changes in the ERCOT market. We believe it also establishes very important precedent for all ISO electricity markets.
Pierce Atwood represented Great Bay Renewables in connection with its $45 million royalty financing of U.S. renewable energy developer Hexagon Energy, LLC. With this transaction, Great Bay gains future royalties related to Hexagon’s portfolio of solar, solar plus energy storage and standalone energy storage development projects. Hexagon’s portfolio currently consists of 43 development projects totaling 5.3 GWac located across 12 states and four regional transmission organizations.
Representation of Great Bay Renewables, Inc. in connection with its acquisition by Altius Renewable Royalties Corp., a subsidiary of Canadian company Altius Minerals Corporation.
Pierce Atwood represented the City of Somersworth, New Hampshire, in the development of a major solar photovoltaic (PV) installation on the 26-acre Somersworth Sanitary Landfill Superfund Site, including negotiation of a Payment in Lieu of Taxes agreement and ground lease. The energy produced by this project will be sold to the City under the state’s group net-metering program, resulting in both economic and environmental benefits. The project will be New Hampshire’s first solar array located on a former Superfund Site. Ameresco, Inc., a renewable energy asset developer, owner and operator, is developing the project.
Pierce Atwood represents Kearsarge Energy, a significant developer of solar energy, in connection with a proposed 17-acre, 5 MW ground mounted solar array in Walpole, Massachusetts. Our attorneys successfully argued that the town of Walpole’s zoning bylaws unlawfully prohibited large-scale solar facilities, paving the way for Kearsarge Energy to move forward with development of its solar facility.
We represented the U.S. Energy Storage Association before FERC, state PUCs, and ISOs/RTOs to develop and implement rules and regulations in the capacity, energy, and ancillary services markets.
