Comment Text:
The American Petroleum Institute (“API”) submits these comments in response to the interpretation issued by the Commodity Futures Trading Commission (the “Commission” or “CFTC”) regarding (1) forwards with embedded volumetric optionality (the “Volumetric Optionality Interpretation”), and (2) certain physical commercial agreements for the supply and consumption of energy that provide flexibility, such as tolls on power plants, transportation agreements on natural gas pipelines, and natural gas storage agreements (the “Usage Contracts Interpretation”).
