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Stephen S. Smith is an associate in the law firm of McDermott Will & Emery LLP based in the Washington, DC office. He is a member of the Firm's Energy and Derivative Markets Practice Group, where he represents investment banks, hedge funds and energy and commodity companies on issues related to structured transactions, commodity agreement negotiations, and related regulatory and risk management matters.
Stephen focuses his practice on drafting, analyzing and negotiating physical and financial agreements concerning energy commodities, including wholesale power and related products, as well as natural gas and coal. Such agreements range from highly structured tolling hedges to industry standard master agreements, such as ISDA, EEI, WSPP and NAESB agreements. He also has experience addressing issues related to the capacity and authority of municipalities to enter into contractual agreements.
Recent Experience:
Structured Transactions
In 2006, Stephen represented the commodity arm of an investment bank in negotiating a complex hedge agreement, which contained several financially-settled heat rate options. The novel drafting approach included flexible documentation that contemplated the many collateral packages that could result from different combinations of projects being restructured or sold.
In 2006, Stephen represented the commodity arm of an investment bank in negotiating several hedge agreements in connection with a refinancing of the plant owner's debt. The hedge included both physical and financial components.
In 2006, Stephen represented a financial institution in negotiating a financially-settled hedge in connection with an acquisition of multiple competitive generation assets in the Northeast.
In 2005, Stephen represented the commodity arm of an investment bank in negotiating a highly-structured tolling off-take agreement in connection with a private equity fund's purchase of a power plant in California. The physically-settled hedge allowed the investment bank to provide natural gas and, in turn, receive power and various other energy products.
Other Experience
In 2006, Stephen assisted the documentation department of a major investment bank in New York to aid their entry into the energy trading field. He advised on the development of their master trading agreement templates and facilitated trading relationships through negotiating multiple physical and financial energy commodities trading agreements. He continues to advise and negotiate for the client on an ongoing basis.
In 2005, Stephen represented an investment bank in its acquisition of the wholesale power trading portfolio of a major power marketer, and assisted the client in securing third-party consents and novating the transactions from the power marketer to the client.
In 2003, Stephen was a summer associate with McDermott.
While attending law school at Georgetown, Stephen was a member of the International Environmental Law Review.
Stephen is admitted to practice in Maryland and the District of Columbia.
Education
Georgetown University Law Center, J.D., 2004
Bucknell University, B.A. (magna cum laude), 2001 | 