Maxwell Multer

/My focus

I have significant experience working with clients on tariff filings, stakeholder advocacy, acquisitions, project sponsorships, rate cases, project developments and redevelopments, interconnection of energy projects to transmission and distribution systems, independent system operator (ISO)/regional transmission organization (RTO) issues, and other regulatory matters. I also assist project developers, purchasers, and sponsors with federal and state incentives, such as tax credits, loan guarantees, forgivable loans, renewable energy credit (REC) contracts, and other financial incentives for the development of clean energy, energy storage, and advanced fuels infrastructure.

My time as an investigator and prosecutor in FERC's Office of Enforcement gave me a deep understanding of the FERC enforcement process, which helps me guide clients through the complexities of a FERC investigation or informal inquiry with confidence. In these matters of high financial and reputational stakes, understanding the processes, enforcement priorities, and how decisions are made within the agency makes a difference. 

I have long been fascinated by markets and market behavior. My work for clients in the area of market manipulation enforcement is strengthened by globally impactful scholarship and experience working on many of the biggest and most novel market manipulation cases pursued by FERC.

My writings on manipulation have been cited by scholars and courts in America, Europe, Russia, Japan, and the Middle East.

Working in-house at a retail electric and natural gas utility before returning to private practice yielded valuable insights into the regulated utility business model, the contemporary challenges retail utilities face, and the practical interplay of federal and state energy regulation. This has enhanced the service I am able to provide clients in a variety of situations.

At a high level, my current practice focuses on four core areas:

Regulatory Planning, Advocacy, and Compliance

In addition to various periodic reporting requirements, FERC requires prior approval for many activities, such as certain acquisitions or dispositions of jurisdictional facilities, the issuance of securities, or changing to the rates or conditions imposed on customers. Permitting requirements for energy projects vary by state, locality, and project type. I help clients understand the regulatory landscape and pursue the right path forward for their situation.

Enforcement and Market Manipulation

In the high-stakes arena of energy enforcement, I represent clients in all aspects of FERC investigations and the FERC enforcement process, from initial contact through resolution, including pre-enforcement inquiries by ISO/RTO independent market monitors or FERC Enforcement’s Division of Analytics and Surveillance. I also provide compliance training to energy traders and advise on compliance programs and the preparation and filing of FERC and North American Electric Reliability Corporation (NERC) self-reports.

Transactions and Agreements

I work with clients on various energy transactions and in the negotiation and drafting of energy-related commercial agreements, such as purchase and offtake agreements for gas, renewable natural gas, energy, and capacity (including under the Edison Electric Institute (EEI), North American Energy Standards Board (NAESB), and Internation Swaps and Derivatives Association (ISDA) frameworks); renewable energy certificate (REC) agreements; engineering, procurement, and construction (EPC) agreements; and asset management, scheduling coordinator, operation and maintenance, and shared facilities agreements.

Policy Advisory and Stakeholder Advocacy

Energy is a dynamic industry, with frequent regulatory developments in multiple venues, including at FERC, the Department of Energy, ISO/RTOs, state utility commissions, and other regulatory authorities. I help clients digest the scope and implications of new regulatory developments, hone effective advocacy positions based on their organizational goals, and engage in impactful participation in the relevant stakeholder processes.

/Looking ahead

The continuing evolution of our electric grids, in terms of changes in the location and character of both generation and loads, presents a range of logistical, financial, and strategic considerations (and opportunities) across the spectrum of industry stakeholders. Generation and load each increasingly seek out creative ways to economize the time and cost associated with selling or obtaining their energy, factors which increasingly drive the siting of many energy, commercial, and industrial projects. As the energy transition marches forward, these issues will remain front of mind for energy producers, consumers, regulators, and utilities alike.

/Insights

• “PJM Capacity Market Reforms Shake Up Resource Accreditation, Impose New Offer and Testing Requirements,” POWER Magazine, February 22, 2024 (Author)
• “FERC Approves MISO Interconnection Queue Reforms, Rejects Overall Queue Cap,” POWER Magazine, February 2, 2024 (Author)
• “The Inflation Reduction Act of 2022- Opportunities and Challenges for Israel's Business Sector,” Teleconference, The Israel Export & International Cooperation Institute, January 15, 2024 (Speaker) (Hebrew/ English)
• “FERC’s Enforcement in Demand Response Case a Lesson for Utilities,” POWER Magazine, November 2023 (Author)
• “Beware Unbridled Enthusiasm- Recent FERC Settlements Hold Lessons for Aggregators,” POWER Magazine, July 2023 (Author)
• “It's Time to Improve Generator Replacement Procedures and Rules,” Bloomberg Law, June 2023 (Author)
• “More than Statistics: Maximizing Value from FERC OE's Annual Report on Enforcement,” POWER Magazine, April 2023 (Author)
• ”Investor to affiliate: recent FERC decisions hold that appointment of non-independent board members can constitute control,” POWER Magazine, November 2022 (Author)
• “Significant and Substantial: The History and Continuing Evolution of One of the Mine Safety and Health Administration's Principal Enforcement Tools,” 2013 (Author)
• ”Evacuation Standards Case Facilitates Broad Shift in 'Significant and Substantial,'” Bloomberg Occupational Safety and Health Reporter, v. 42 no. 27, Bloomberg Finance, L.P., July 2012 (Author)
• “Mine Operators Face Additional Challenges, Burdens Under New Specialized SEC Disclosure Regime,” Coal People Magazine, v. 33 no. 4, June 2011 and CoalUSA Magazine, August 2011 (Author)
• “Open Market Manipulation Under SEC Rule 10b-5 and Its Analogues,” Securities Reg. L. J., v. 39 no. 2, Summer 2011 (Author)