Tom Millar

TOM MILLAR partners with his clients to achieve their most significant commercial objectives in the U.S. energy markets. From multijurisdictional M&A to project development and finance, his practice spans the full range of energy matters, including market manipulation and enforcement defense before the Federal Energy Regulatory Commission (FERC), the Commody Futures Trading Commission (CFTC), and the U.S. Department of Justice (DOJ). Tom’s clients value his commercial acumen, his ability to stay calm under pressure, and his deep knowledge of FERC regulatory issues and Independent System Operator (ISO)/Regional Transmission Organization (RTO) rules.

Tom has significant experience representing energy investors and financiers in tens of billions of dollars in equity and debt capital deployment. He represents public and private IPPs, private equity, infrastructure and hedge funds, sovereign wealth funds, and banks.

Tom is widely recognized for his experience defending clients in many significant power and natural gas market manipulation investigations and enforcement actions brought by FERC, the CFTC, and the DOJ. He has represented clients in investigations involving total alleged liability of approximately US$1 billion.

Tom is recommended by:

• The Best Lawyers in America^® for Corporate and Energy Law (2024–2026)
• Lawdragon as one of “500 Leading Energy Lawyers” for Energy & Regulatory Law (2024–2026)
• Legal 500 United States as a “Key Lawyer” in Energy: Renewable/Alternative Power (2023, 2025)
• Legal 500 United States as a “Key Lawyer” in Energy: Energy Transactions: Electric Power (2023, 2025)
• Super Lawyers as a “Rising Star” (2017–2022)

Enforcement Defense

• Major international bank in a FERC enforcement action and related federal court litigation alleging manipulation of California electricity markets and seeking nearly US$500 million in penalties and disgorgement.
• Three traders in the first-ever joint DOJ and CFTC enforcement action involving alleged foreign corruption, which settled for a combined US$16 million.
• Major international natural gas and liquified natural gas (LNG) trading company in a FERC market manipulation action seeking more than US$220 million in penalties and disgorgement.
• Major oil company in a FERC enforcement action involving alleged manipulation of the Texas natural gas market and related proceedings before the U.S. Court of Appeals for the Fifth Circuit.
• Major international commodity trading firm in a FERC enforcement action and related federal court litigation involving alleged manipulation of California electricity markets.
• Major international commodity trading firm in a FERC enforcement action involving alleged manipulation of the Midcontinent Independent System Operator (MISO) electricity market.
• Wholesale energy and commodity companies and financial institutions in numerous FERC and CFTC investigations, many of which closed without enforcement action.

M&A and Transactions

• Altus Power, Inc. in connection with its acquisition of a 234 MW portfolio of solar generation and storage assets involving more than 100 sites across 18 states from Greenbacker Renewable Energy Corporation.
• Major independent power producer in connection with its bid to acquire an approximately 800 MW natural gas-fired combined cycle generating facility located in PJM, including complete due diligence and final negotiation of purchase agreement.
• John Hancock Life Insurance Company, U.S.A. and Manulife Infrastructure Fund III in their investment in the development and ownership, through a joint venture with Hunt Energy Company, of Electric Reliability Council of Texas (ERCOT) battery energy storage system projects and power generation system projects interconnected in ERCOT.
• Capital Power Corporation in its acquisition of the 1,062 MW La Paloma natural gas-fired generation facility in California.
• Capital Power Corporation and a BlackRock Diversified Infrastructure affiliate in their acquisition of the 1,092 MW Harquahala natural gas-fired generation facility in Arizona.
• Basalt Infrastructure Partners LLP in connection with the sale of Project Hyperion, LLC, a portfolio of 121 MW of operating distributed solar projects located in Massachusetts, North Carolina, South Carolina, California, New Jersey, and Georgia.
• JLC Infrastructure in its investment in the 13.3 MW Hudson Yards cogeneration facility and related joint venture with Related Companies and Oxford Properties Group.
• Capital Power Corporation, John Hancock Life Insurance Company (U.S.A.), and Manulife Infrastructure Fund II in their acquisition of the 1,633 MW Midland Cogeneration venture.
• Major bank on capacity monetization transactions in PJM.
• LS Power and REV Renewables in SK E&S’s US$300+ million equity investment in REV.
• Gainline Capital Partners in its equity investment in Atlantic Energy.
• Atlas Holdings LLC in its US$886 million unsolicited takeover bid for Verso Corporation.
• BKV Oil & Gas LLC in its US$830 million acquisition of Devon Energy Corporation’s Barnett Shale assets.
• Tonopah Solar Energy LLC in its bankruptcy and the US$300+ million sale of the Crescent Dunes Solar Energy Project.
• Large sovereign wealth fund in a significant equity investment in U.S. pumped storage assets.
• Numerous additional energy transactions, including bids for U.S. energy assets by several midstream companies.

Project Development and Finance

• Administrative agents and lender syndicates on FERC regulatory issues in the financing and refinancing of US$20+ billion solar, wind, standalone battery storage, transmission, and hybrid energy projects across the United States.
• Numerous developers of power projects throughout the U.S.

The above matters were handled prior to joining Sidley.

Tom is an active member of the energy community, having served most recently on the Board of the Charitable Foundation of the Energy Bar Association.

Among his most significant legal accomplishments, Tom dedicated hundreds of hours to the successful representation of a class of D.C. Prisoners who argued that the D.C. Board of Parole’s rules violated the U.S. Constitution in a case decided on appeal by a panel of the D.C. Circuit in an opinion written by then-Chief Judge Merrick Garland.