Stuart A. Caplan has for 30 years represented energy companies and financial institutions in Federal Energy Regulatory Commission (FERC) and state public utility commission proceedings involving electric and natural gas markets; energy transactions; project development and finance; M&A; formation of independent system operators (ISOs) and regional transmission organizations (RTOs); and regulatory compliance and investigations.
Stuart has worked extensively on generator auctions producing proceeds in excess of US$4 billion, and with bidders in many auctions of individual assets, including nuclear power plants and fleets of natural gas, coal and renewable projects.
He has taken lead roles on creative transaction structures to enhance auction results and has effectively and timely secured federal and state transaction approvals.
In both energy sector transactions and agency litigation, Stuart brings insight into US energy markets forged through his active involvement in forming ISO/RTOs. Stuart has represented clients in all of the organized clearing price markets: ISO-New England, NYISO, PJM, MISO, CAISO and ERCOT.
Stuart played a significant role in forming the NYISO and was lead counsel in developing the first comprehensive tariff. He was involved in negotiating the organic agreements to form the NYISO and to convert ISO-NE into an RTO.
In his 30 years of practice, Stuart has actively litigated major disputes concerning ISO/RTO market rules impacting generator ability to participate in electric capacity markets, financial transmission congestion hedge instruments, virtual energy trading, interstate gas pipeline rates and cost allocation, market power mitigation and merchant transmission rights, among many other subjects.
He has worked on major generator acquisitions, such as GE’s acquisition of the 2,000 MW Homer City Generating Station; several utility mergers; and numerous project financings and project developments.
Representative Matters :
- PSEG-Long Island: Advising Public Service Enterprise Group on state regulatory and legislative matters associated with PSEG-LI’s provision of Long Island electric system management and operations services.
- Rayburn Country Electric Cooperative: Advising in its US$215 million acquisition of an interest in the Freestone Energy Center from Calpine.
- GMR: Acting as lead regulatory counsel to this Indian industrial conglomerate in its acquisition of InterGen, including FERC § 203 authorization of the acquisition.
- New York State Electric & Gas Corp (NYSEG): Advising on the formation of Energy East and the acquisition of Central Maine Power Co, including securing FPA § 203 authorization.
- FPL Energy National Wind: Acting as lead regulatory counsel to Lehman Brothers, the underwriter, in the FPL Energy National Wind US$450 million bond financing for a six-state wind farm project portfolio.
- ABN AMRO: Advising the agent bank in a power purchase agreement and gas supply restructuring of a gas-fired cogeneration project in the Northeastern US.
- GE Homer City: Serving as project counsel to a 2,000 MW project company, and representing GE in its acquisition of power plant as lead regulatory attorney.
- Navopache Electric Cooperative: Representing in a Public Service New Mexico Company transmission formula rate case before FERC.
- EnerNOC: Representing the largest US demand response provider in many FERC proceedings concerning ISO/RTO market design.
- Santee Cooper: Acting as counsel on full-requirement power sales agreement to supply all of the electric cooperatives in South Carolina, and on a major amendment to the US$1 billion per year supply agreement.
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