We represented Nevada Cogeneration Associates #2 (“JV Client”), a joint venture co-owned by Chevron and Dynegy, in the defense of an arbitration filed by electric utility Nevada Power Company (“Utility”). In the early 1990s, the JV Client developed and built an electric cogeneration facility to produce electricity for a growing western metropolitan area and entered into a long-term agreement to sell electricity to the Utility. The Utility filed the arbitration seeking a declaration that, under the terms of the power purchase agreement, the JV Client was contractually obligated to rebate back to the Utility a substantial portion of the power purchase payments made by the Utility at the conclusion of the 30-year contract term in the year 2023. At the time of arbitration, the Utility forecast that in 2023 it would be entitled to a rebate of approximately $320 million. The matter was arbitrated before a former federal judge who ruled in favor of the firm’s JV Client by denying in its entirety the Utility’s rebate claim.