Conventional Power

Areas of Focus

Our roots run deep in the conventional power sector. Through the inevitable upturns and downturns in the market, our firm has had a long history of partnering with electricity and gas utilities, merchant generators and transmission and distribution companies, giving us a deep understanding of the sector’s landscape and its inherent challenges and opportunities.

We have significant experience across all technologies, spanning natural gas—including combined cycle gas turbine (CCGT) and open cycle gas turbine (OCGT)—coal and heavy fuel oil (HFO), nuclear and their supporting grid infrastructure.

Our experience spans the complete life cycle of baseload, mid-merit and peaking power projects. In addition, we advise on grid-connected conventional power projects when combined with carbon capture, utilization & storage (CCUS). We also have deep experience in conventional power generation in an industrial and behind-the-meter context.

As conventional power remains the dominant source of baseload electricity, our lawyers help clients playing a key role in “keeping the lights on” and ensuring energy security by providing grid ancillary services. These vital components support system operators through flexibility, frequency response, synchronous inertia and other essential services such as black start capability. These services are particularly critical as national electricity grids transition to a greater proportion of intermittent renewables in their energy mix.

On the regulatory side, we help clients navigate the complexities of compliance, market design, regulatory and enforcement matters. Our powerhouse team of experienced practitioners includes former Federal Energy Regulatory Commission (FERC) staffers from the Office of General Counsel. This gives us an insider’s perspective on the agency’s deliberative processes and the commercial implications of rulemaking.

We also support clients in offtake arrangements, such as power purchase agreements, and derivatives, including weather derivatives, heat rate call options (HRCO) and capacity agreements.

We are best known for our capabilities in the following core areas across the conventional power sector:

• Project finance, development, construction, permitting, operations and maintenance
• Mergers & acquisitions (M&A), joint venture and securities & corporate governance, ranging from public company transactions to acquisitions and divestitures of individual power plants for both regulated utilities and independent power producers (IPPs)
• Liability management & financial restructuring, distressed and special situations
• International trade, lobbying & public policy and export controls & economic sanctions
• Energy regulatory
• Tax structuring & equity financing.

Our experience spans the complete life cycle of conventional power projects:

• Development, construction, operation and maintenance
• Financing and refinancings, whether using bank debt, institutional capital or private credit
• Acquisition and disposals and joint ventures
• Financial restructurings and special situations
• Government support and incentives including federal tax credits and grants
• Energy regulatory advice
• Feedstock and offtake arrangements
• Green corporate and virtual power purchase agreements
• Electricity, emissions and renewable certificates of origin trading
• Land and permitting issues
• Grid network and transmission infrastructure and assets.

Cross-Practice, Global Team

We understand the impact and changing role of conventional power generation as a result of the energy transition and what this means for project structuring and risk allocation.

As power companies transition and adapt to the current environment, our cross-practice team helps clients achieve their decarbonization and sustainability goals through pursuing CCUS projects, decommissioning coal and other fossil fuel plants, and transactions combining conventional power with renewable energy sources at utility scale.

Our lawyers handle conventional power matters in both established and emerging markets, including the United States, United Kingdom and Europe, Mexico and Latin America, Asia, Canada, Africa and the Middle East.

Leading Lobbying & Public Policy Lawyers

Our powerhouse lobbying & public policy practice includes many former members of Congress and regulators. These lawyers and advisors help clients navigate the key regulatory and policy issues facing conventional power projects in markets around the world.