On March 22, 2023, the U.S. District Court for the Eastern District of Virginia (Court) granted the Federal Energy Regulatory Commission’s (FERC) Motion for Default Judgment and entered a default judgment against Powhatan Energy Fund, LLC (Powhatan Energy Fund). The Court awarded FERC $3,465,108 in disgorgement and $16,800,000 in civil penalties.
On February 16, 2023, the U.S. Federal Energy Regulatory Commission (FERC) approved two new North American Electric Reliability Corporation (NERC) Reliability Standards: EOP-011-3 (Emergency Operations) and EOP-012-01 (Extreme Cold Weather Preparedness and Operations). The new standards stem from FERC and NERC’s joint inquiry into Winter Storm Uri — the February 2021 winter storm event that led to the largest controlled firm load shed event in U.S. history, with over 4.5 million people losing power and at least 210 people losing their lives. The joint inquiry resulted in the issuance of a November 2021 report that included recommendations for NERC reliability standard enhancements to improve extreme cold weather operations, preparedness, and coordination. The November 2021 report found that the bulk power system “cannot operate reliability without adequate generation.”