Caroline Sinegar

Oct 16, 2024 | mondaq.com | Michael Brooks |Caroline Sinegar

The Commodity Futures Trading Commission ("CFTC" or "Commission") has explicitly recognized that contracts for intangible, non-financial commodities, including environmental commodities, can qualify for the forward contract exclusion if physical delivery is a predominant feature of the contract.1 However, the historical characterization of "virtual" power purchase agreements ("PPAs") as contracts-for-differences, and therefore swaps, has led the industry to report most virtual PPAs as swaps...