Our colleagues in the tax practice have published a LawFlash detailing the Consolidated Appropriations Act, 2021, which includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The act contains tax provisions to provide direct relief to individuals, but also includes tax benefits for various industries, including the “green” energy and technology industries.
Power & Pipes
FERC, CFTC, and State Energy Law Developments
The Commodity Futures Trading Commission (CFTC) recently issued an interim report by CFTC Staff on the April 2020 price collapse of the West Texas Intermediate light sweet crude oil futures contract (WTI Futures Contract). Since May, CFTC Staff has been reviewing the $55 per barrel plunge in the WTI Futures Contract, which resulted in not only the lowest settlement price since trading began 37 years ago, but the first negative settlement price. Though this report may be better than nothing at all, at present, the CFTC has provided little guidance and comfort to those actively trading regulated crude oil derivatives or those impacted adversely by the April price crash. The CFTC Staff has not indicated when it will issue a final report.