Akin Gump Publishes 2019 Energy Year in Review

On February 19, 2026, the Federal Energy Regulatory Commission (FERC) issued an order rescinding the soft price cap for bilateral spot market energy sales in the Western Electricity Coordinating Council (WECC) region.¹ As previously covered, on July 15, 2025, FERC initiated a Federal Power Act Section 206 proceeding following the D.C. Circuit’s decision finding that FERC must apply the Mobile-Sierra public interest standard before ordering refunds for above-cap bilateral sales and vacating FERC’s orders requiring refunds for certain bilateral spot market transactions in the WECC region that exceeded the $1,000 MWh soft price cap.² FERC’s Order follows through on the proposal it made last July to eliminate the WECCs soft price cap and marks a recognition that Western wholesale markets have evolved over the past two decades to become sufficiently competitive to render the soft price cap unnecessary.  

The oil & gas industry is experiencing a fundamental transformation in how companies access and deploy capital in 2026. Despite strong balance sheets and robust free cash flow generation, the sector is witnessing strategic shifts in funding sources and investment priorities that signal a new era of capital allocation.

Akin is proud to serve as a Summit Sponsor of Infocast’s Solar + Wind Finance & Investment Summit taking place March 15-18 in Phoenix.

The global energy sector enters 2026 amid major policy shifts, geopolitical tension and evolving market dynamics. The Trump administration’s reversal of Biden-era climate initiatives and renewed emphasis on domestic production have reshaped the policy landscape, offering a more favorable regulatory environment even as conflicts abroad, oil price volatility and shifting trade policies tempered deal activity through 2025.