Category: Asia Pacific

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Join Us for a Webinar: The Promise of Fusion Energy May Be Closer Than You Think
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CLE Presentation: COVID-19: Perspectives for the “Next New Normal” for Renewable and Utility Companies
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From Fat Duck to Flat Duck to Firm Duck
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K&L Gates Welcomes Sydney Energy and Infrastructure Partner
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Cyber-physical Attacks on Critical Infrastructure: What’s Keeping Your Insurer Awake at Night?
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Mining and energy collapse echoes subprime mortgage crisis
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Australian Renewable Energy Target (RET) – Revised RET deal finalised
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Australian Renewable Energy Target (RET) – in principle agreement reached on a revised RET
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Powers of Regulators Brought Into the Spotlight by High Court Decision
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Security of Payment Legislation and Set-Off Under Commonwealth Insolvency Laws

Join Us for a Webinar: The Promise of Fusion Energy May Be Closer Than You Think

Join us on 1 October 2020 for a webinar on fusion energy.

For nearly 100 years, scientists and engineers, as well as science fiction authors and fans, have dreamt of harnessing fusion reactions to power our economy. Despite daunting technical challenges, fusion energy may become a technically viable and economic energy source in the coming years, as an attractive carbon-free baseload alternative to conventional energy sources.

As the energy sector progresses towards commercial fusion, governmental regulators around the world are considering how they should treat fusion facilities. Two of the most active jurisdictions for commercial fusion development are the United States and the United Kingdom. Along with Fire Energy and Prospect Law, members of our K&L Gates fusion energy team will provide an update on the regulatory approaches to fusion that the US and UK are taking, the prospects for differentiating regulations for future fusion facilities from those applicable to existing fission-powered nuclear plants, next steps in developing regulatory certainty for the emerging fusion power sectors in these nations, and include a section on risk and the management of risk through insurance.

For more information and to register, please click here.

CLE Presentation: COVID-19: Perspectives for the “Next New Normal” for Renewable and Utility Companies

Join us on Wednesday, June 10, 2020, for a CLE presentation on “COVID-19: Perspectives for the “Next New Normal” for Renewable and Utility Companies.”

Companies are seeing unprecedented legal and business impacts due to the COVID-19 pandemic.  These impacts are bringing about changes in strategy and how many companies approach their day-to-day business operations to adapt to this new business environment. This one-hour session will involve a presentation by the following K&L Gates attorneys sharing their perspectives on what to consider during the “next new normal.”

Moderator: 

Panelists:

This presentation will include the evolving legal and business impacts of COVID-19 in connection with:

  • Contract Issues
  • Insurance Issues
  • Potential Work Issues
  • Litigation Trends

This webinar will contain a chat feature in which you can submit questions so that we may tailor this presentation to address your concerns.

To register, please click here.

From Fat Duck to Flat Duck to Firm Duck

By: Matt Baumgurtel and Rachel Lawlor

How Energy Storage is Creating New Opportunities

A major disruption to the global economy is coming in the form of a seismic shift in energy markets. Largely driven by energy storage, this disruption will create exciting opportunities for the renewable energy market and will, in our view, drastically change the time of day electricity price curve (that is, the ‘duck curve’).

Read More

Cyber-physical Attacks on Critical Infrastructure: What’s Keeping Your Insurer Awake at Night?

By James E. Scheuermann

Cyber-physical attacks on critical infrastructure that have the potential to damage those physical assets and to cause widespread losses to third parties are keeping your insurer awake at night.  A cyber-physical attack on critical infrastructure occurs when a hacker gains access to a computer system that operates equipment in a manufacturing plant, oil pipeline, a refinery, an electric generating plant, or the like and is able to control the operations of that equipment to damage those assets or other property.  A major cyber-physical attack on critical infrastructure is a risk not only for the owners and operators of those assets, but also for their suppliers, customers, businesses and persons in the vicinity of the attacked asset, and any person or entity that may be adversely affected by it (e.g., hospital patients and shareholders).

Because damages caused by a cyber-physical attack can be widespread, massive, and highly correlated, affecting multiple sectors of the economy and many lines of insurance, the insurance industry is giving this risk heightened attention.  The U.K. insurance marketplace Lloyd’s, London and the University of Cambridge, for example, conducted a major study of the losses resulting from a hypothetical cyber-physical attack on 50 electrical generators in the Northeast U.S. Other insurance market participants have also published reports addressing cyber-physical risks to critical infrastructure.  The insurance industry’s focus on cyber-physical risks perhaps should be action-guiding for corporate policyholders as well.

To read the full alert on K&L Gates HUB, click here.

Mining and energy collapse echoes subprime mortgage crisis

The collapse of the global mining and energy sector has already led to severe consequences for hedge funds, private equity, and other sources of institutional investment that have lost large sums. The loss in equity in the Australian mining sector already rivals losses on mortgage-backed securities in the US subprime crisis. There are other echoes of the 2008 crisis, but the global financial markets should be better placed to weather the storm this time around. Are they?

Please see the entire article on klgates.com

 

Australian Renewable Energy Target (RET) – Revised RET deal finalised

A bipartisan agreement on the revised Renewable Energy Target (RET) was finally reached between the Australian Government (represented by Industry Minister, Ian Macfarlane and Environment Minister, Greg Hunt) and the Opposition (represented by Mark Butler and Gary Gray) on the morning of 18 May 2015 in Melbourne. There have been reports that the agreement was reached with intervention from the Prime Minister Tony Abbott’s office.

As contemplated by the in principle agreement reached between the Government and the Opposition on 8 May 2015, the existing target of 41,000 GWh of large scale renewable energy by 2020 will now be reduced to 33,000 GWh. This reduction will be effected by way of legislative amendment to the Renewable Energy (Electricity) Act 2000 (Cth).
Australia is the first developed country to formally reduce its renewable energy target. There are suggestions the reduced RET will cause investment in Australian renewable energy projects to fall from an expected AUD20.6 billion by 2020 to AUD14.7 billion.

The Government has agreed not to pursue its proposal to continue reviewing the target every two years. This alleviates concerns over the retention of the two-yearly reviews of the scheme. These reviews have arguably been the predominant cause of the current investment freeze in the renewable energy industry. In lieu of the two-yearly reviews, annual statements detailing achievement towards meeting the RET and impacts on electricity prices will be provided by the Clean Energy Regulator.

Despite lack of support from the Opposition, the Greens and the renewable energy industry, the Government’s plan to include native forest wood waste in the range of energy sources that are eligible to contribute to the RET will be included in the relevant amending legislation which is expected to be presented to Parliament next week. The Government intends to pass this proposal with support from the Senate crossbench.

It is expected the revised RET should be passed by both the House of Representatives and the Senate before the winter recess on 25 June 2015.

The Opposition has indicated that it would increase the 2020 target if it wins the next election, which is to be held on or before 14 January 2017.

Australian Renewable Energy Target (RET) – in principle agreement reached on a revised RET

After months of negotiations, Industry Minister Ian Macfarlane has confirmed that on 8 May 2015 the Australian Government and the Opposition have agreed in principle a revised Renewable Energy Target (RET) of 33,000 gigawatt-hours (GWh) of large scale renewable energy by 2020. Read More

Powers of Regulators Brought Into the Spotlight by High Court Decision

Recently the High Court of Australia handed down its unanimous decision in Australian Communications and Media Authority v Today FM (Sydney) Pty Ltd [2015] HCA 7 (HCA Decision) which relates to the powers of the Australian Communications and Media Authority (Authority).

The HCA Decision accepts that the Authority was permitted to make a finding of fact that a licensee committed a criminal offence and in doing so had breached a licence condition, despite the fact that no proceedings in relation to the criminal offence had been commenced or successfully prosecuted.

Read More

Security of Payment Legislation and Set-Off Under Commonwealth Insolvency Laws

A recent Victorian Supreme Court case[1] has clarified the impact of Commonwealth insolvency set-off provisions on State-based security of payments legislation.

The case demonstrates that although a principal is generally precluded from relying on a set-off or counterclaim in certain contexts under the Building and Construction Industry Security of Payment Act 2002 (Vic) (BCISP Act), this general preclusion does not apply if the claimant is in liquidation, due to the operation of section 553C of the Corporations Act 2001 (Cth) (Corporations Act).

The case also provides useful commentary on what is considered a ‘payment schedule’ for the purposes of the BCISP Act.

If you would like to read more about this case, please click here.

[1] Façade Treatment Engineering Limited v Brookfield Multiplex Construction Pty Ltd [2015] VSC 41.

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