Paul B. Turner


Partner
Houston, P: 713.470.6105
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Paul is a partner in the Energy and Environmental Practice Group, and focuses his practice on the fast-changing and evolving energy markets – principally the physical and financial trading of energy commodities.  Paul has been involved in the regulatory and commercial restructuring of the energy industry and the ongoing commoditization of energy in the physical, futures and derivatives markets.  He also heads the firm’s Energy Restructuring and Creditors’ Rights practice.

Over the past several years, Paul has had a key role in significant litigation and commercial matters related to commodity contracts, forward contracts and derivatives for major energy companies, including Shell Trading Gas and Power Company and the Coral Group, the Calpine Energy Group, the Hunt Group, the Statoil Group and the NEGT Energy Trading Group (f/k/a PG&E Energy Trading).  He has represented numerous clients in some of the largest energy company bankruptcies, including the bankruptcies of Enron, Mirant, National Energy & Gas Transmission and the Power Company of America, related to their forward and derivative transactions.  He has also worked on the sale of energy related companies and energy commodity portfolios, including for trading companies and retail electric providers.

Paul currently serves as special energy counsel for a major energy trading bankruptcy estate, in charge of negotiating, mediating and litigating the termination and liquidation of forward contracts, swaps, options, and tolling agreements with numerous counterparties.  He also provides commodities and energy trading advice to a number of participants in the U.S. energy markets and has represented major energy companies in commercial litigation relating to commodities, derivatives and trading issues, particularly transaction valuation.

In addition, he advises clients on structuring, restructuring and documenting derivatives, netting agreements and physical trading contracts, as well as energy transactions with non-creditworthy or declining counterparties.  Paul regularly advises clients on a variety of questions related to the termination of, and litigation related to, swaps and other energy contracts. Representative matters include:

  • Lead energy trading and commodities counsel to energy companies in bankruptcy; 
  • Advise energy clients on contract documentation (including ISDA Master Agreements, EEI Power Purchase and Sale Agreement, Master Netting Agreements, NAESB Master Agreement etc.) for transactions involving physical power and natural gas, as well as energy-related swaps and derivatives; 
  • Advised trading company on transactions with bankrupt counterparty; 
  • Advised energy hedge fund on purchase of FTR portfolio within PJM; 
  • Negotiate and document various commodity transactions; 
  • Lead counsel in sale of energy trading company; 
  • Lead counsel in several sales of Retail Electric Providers; 
  • Provide commercial advice to Texas Retail Electric Provider; 
  • Advised energy marketing company in corporate restructuring; 
  • Lead counsel to energy marketing company in sale of company; 
  • Lead counsel in sale and energy trading company; 
  • Lead counsel in sale of Retail Electric Provider; 
  • Represented energy marketing and trading companies in mediations involving disputes with counterparties; 
  • Analyzed energy trading portfolios and positions in commercial disputes; and 
  • Negotiated settlements involving hundreds of millions of dollars related to contracts for physical power, natural gas, coal, swaps and derivatives.

After law school, Paul clerked for the Honorable Kenneth F. Ripple on the United States Court of Appeals for the Seventh Circuit.  Paul is listed in the 2007 edition of The Best Lawyers in America for derivatives law. He was also selected for inclusion in the 2008 Houston Edition of Texas' Best Lawyers.  He is Vice Chairman for the ABA’s Committee on Gas and Electric Marketing.  Paul previously served two terms as Vice Chair for the Energy Bar Association’s Committee on Power Generation and Marketing.  Paul also gives speeches to trade associations for energy credit and risk managers and regularly speaks at the ACI Derivatives Boot Camp, for which he served as co-chair.  In addition, Paul is on the Board of Trustees for the Houston Grand Opera.  He is a member of the United States Courts of Appeals for the District of Columbia, Seventh and Federal Circuits. 

© 2008 Sutherland

Education

J.D., University of Virginia School of Law, 1996, Order of the Coif; James C. Slaughter Honor Award; Executive Editor, Virginia Law Review

A.B., with honors, University of Chicago, 1990

Bar Admissions

District of Columbia, Illinois, Texas