IN THIS ISSUE

Coal to liquids : The new black gold?

The prospect that oil prices might remain high for the foreseeable future is forcing both governments and the private sector to explore other sources of transportation fuels besides oil ...

A one-time investment opportunity in China

Foreign investors have a rare opportunity during 2006 to profit by buying “non-tradable shares” in Chinese companies that are partly owned by the government while such shares remain undervalued ...

Mexico addresses “earnings stripping”

Mexico is continuing to tinker with strict limits it imposed a year ago that were supposed to limit the ability of Mexican companies to deduct interest paid to related shareholders...

Electric power sector reform in Russia: Where are we now?

Reform in the electric power sector in Russia has been a major work in progress for years.  Under the most recent plan, RAO UES of Russia should itself be phased out at the end of 2006 ...

Holland opens for new energy investments

A proposal for “unbundling” or separation of the regulated and unregulated gas and electricity businesses of Dutch energy companies is expected to be debated in Parliament at the end of January ...

FERC moves to require rate filings by QFs

Owners of some US power plants — called “qualifying facilities” or “QFs” — will have to make rate filings with the federal government under new rules issued by the Federal Energy Regulatory Commis...

Environmental due diligence: The basics

We conduct regular training sessions for young lawyers on issues that come up in project finance transactions...

Toll road update

A number of US states that do not currently authorize significant private sector involvement in road projects are considering public-private partnerships for the development or operation of toll roads.

Environmental update - January 2006

The US Environmental Protection Agency took another significant step toward a complete overhaul of the federal “new source review” air permitting program.

IN OTHER NEWS

A new tax bill

A new tax bill signed by President Bush on December 21 will reward companies making investments in sections of Louisiana, Mississippi and Alabama that were damaged by Hurricane Katrina...

Energy companies

Energy companies are jostling for awards of scarce new energy tax credits ...

Clean renewable energy bond

Clean renewable energy bond applications must be filed by April 26...

Biodiesel

Biodiesl companies are angry about an apparent decision to allow tax credits on fuel made with imported biodiesel. “Biodiesel” is processed oil from plants, like soybeans, sunflowers and rapeseed...

Partnerships

Partnerships with both US taxpayers and foreign or tax-exempt entities as partners got another reprieve from the IRS.

Telephone companies

Telephone companies are fretting about having to collect excise taxes on long-distance telephone calls after the US government lost for the tenth straight time in court in lawsuits by large customers ...

Double dipping

Double dipping is “alive and well . . . with a little bit of finesse,” said one tax expert after a federal district court decision in late October...

Transmission grids

Transmission grids became a little easier to transfer...

Corporate-owned life insurance

Corporate-owned life insurance policies remain an area of controversy with the IRS ...

Utility relocation payments

Utility relocation payments had to be reported as taxable income ...

Partnership allocations

Partnership allocations may be tested with a more jaundiced eye by the IRS, the agency warned...

West Virginia

West Virginia will continue collecting severance taxes on coal destined for export.

Minor memos

The IRS denied interest deductions on audit that a corporation claimed on its senior debt.