5th Circle Judge questions FERC contribution to gas bankruptcies

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By Keith Goldberg (February 3, 2022, 6:31 PM EST) — A Fifth Circuit judge raised concerns Thursday that giving the Federal Energy Regulatory Commission a formal opinion on whether gas transportation contracts can be voided in the event of bankruptcy would spoil the reorganization process.

FERC is appealing a 2020 bankruptcy court ruling that allowed driller Ultra Resources Inc. to reject a gas transportation contract with a pipeline company without agency approval. The agency argues that since the contract was filed with FERC, it has concurrent jurisdiction with the bankruptcy court to determine whether the contract can be dismissed.

This is a legal position that FERC has increasingly taken in bankruptcies of gas and electric companies,…

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