Speaking Energy

Akin is proud to serve as a Gold Sponsor of Infocast PowerUp Data Centers – Infrastructure, taking place on July 14 - 16 in Austin, Texas.

On April 15, 2026, the Federal Energy Regulatory Commission (FERC or the Commission) issued one of the largest enforcement penalty orders in its history, finding that American Efficient, LLC (American Efficient) and its affiliates engaged in a decade‑long fraudulent scheme involving offering energy efficiency resources (EERs) over which they had no contractual authority into the PJM Interconnection, L.L.C. (PJM) and Midcontinent Independent System Operator, Inc. (MISO) capacity markets.¹

Oil & gas companies are adapting swiftly to the administration’s energy dominance agenda, replacing net zero commitments with strategic opportunities across three emerging revenue streams. The AI-driven data center boom is fueling unprecedented demand for reliable onsite power, with traditional energy companies leveraging their natural gas resources and infrastructure expertise to build dedicated generation facilities and enter construction joint ventures. Major oil producers are simultaneously exploiting their subsurface exploration capabilities to expand into critical mineral supply chains essential for battery technologies, electronics and aerospace applications. 

Antitrust enforcement is showing early signs of transformation as new leadership promises more accommodating approaches to oil & gas consolidation. In the United States, Federal Trade Commission chair Andrew Ferguson assumed office in January 2025, signaling a more permissive stance toward merger approvals that oil & gas companies have welcomed enthusiastically. This shift represents a potential departure from the heightened scrutiny that characterized previous years, creating optimism among dealmakers seeking opportunities for strategic combinations. 

International trade policy has emerged as a dominant force shaping the oil & gas sector, with sweeping tariffs imposed on products from virtually every nation using authorities including IEEPA, Section 232 and Section 301. President Trump's "America First Trade Policy" leverages duties as negotiation tools to secure bilateral deals featuring significant oil & gas purchase commitments, making trade considerations essential for any cross-border transaction. Energy dominance serves as a cornerstone of the administration's economic and national security strategy, placing the industry squarely in the spotlight. 

Federal energy regulators are assuming expanded roles as the administration prioritizes energy dominance and infrastructure development to meet unprecedented power demand. FERC Chairman Laura Swett has vowed to expedite data center interconnections while addressing jurisdictional challenges, warning that unmet electricity demand could drive data centers abroad and create national security risks. The agency is processing pipeline applications faster than in prior years and considering blanket authorizations for certain LNG and hydroelectric projects to streamline approvals. 

Pipeline projects previously stalled by Clean Water Act permits are being revitalized, particularly in northeastern states where historically high electricity prices have increased openness to natural gas infrastructure. The Department of Energy is expanding its emergency authority to require retention of generation resources and has granted major LNG export approvals, signaling commitment to expanding U.S. export capacity under a streamlined framework that deprioritizes climate considerations.  

The Administration is bullish on the opportunities for the U.S. energy industry in Venezuela and eager to support companies willing to navigate the political risk inherent in the operations at the moment. Early meetings with President Trump and industry leaders showed the path forward may be longer and more complex than anticipated by the President. 

As permitting reforms advance and the pendulum swings toward fossil fuel favorability, the regulatory and policy landscape is fundamentally reshaping energy infrastructure development timelines and investment opportunities. 

Oil & Gas in 2026: Energy Policy & Regulation 

Delve into the complete regulatory & policy outlook at our Oil & Gas in 2026 report.

Macroeconomic turbulence and volatile commodity markets significantly influenced oil & gas M&A activity throughout 2025, with deals showing renewed momentum only in the year's second half.  

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.

On January 16, 2026, the National Energy Dominance Council (NDEC) and governors from each of the 13 states in PJM issued a Statement of Principles urging PJM Interconnection, L.L.C. (PJM) to hold an emergency backstop auction and take other measures to support the entry of new capacity to preserve the reliability of the PJM region. The Statement of Principles calls on PJM to expeditiously file with the Federal Energy Regulatory Commission (FERC or the Commission) tariff revisions that would overhaul aspects of PJM’s market rules to address rising electricity prices and growing reliability risks in the PJM region. The Statement of Principles comes at a time of growing concern that PJM will not have sufficient capacity in the coming years to meet demand due to the retirement of existing generation resources, the glacial pace of new entry and projected increased demand associated with data center development.