Contract analysis

I. Executive Summary On August 7, 2023, the Federal Energy Regulatory Commission's Office of Enforcement ("FERC OE"), Division of Investigations, served a supplemental second data request (the "Second Data Request") on our clients Dunmore Energy Holdings Ltd. ("DEH") and Dunmore Power Trading LLC ("DPT," and together with DEH, "Dunmore" or the "Company") in connection with FERC's non-public investigation designated a

1. Gas Nomination Practices Through Dunmore Midstream Partners LP ("DMP") — Interrogatories 1 through 7 request detailed information regarding the organizational relationship between DPT and DMP, the procedures by which natural gas nominations were made through DMP's pipeline infrastructure to supply DPT's gas-fired generation units, the coordination (if any) between gas nominations and Day-Ahead offer submissions, i

2. Trader Compensation Structures and Incentive Arrangements at DPT — Interrogatories 8 through 12 request information regarding the compensation structure for all DPT trading desk personnel, performance metrics used to determine incentive compensation, specific compensation details for two individually identified traders (Kyle Renfro and Anastasia Petrov), and any changes to compensation structures during the Releva

3. Internal Communications Regarding Day-Ahead and Real-Time Bidding Strategy at the Indiana Hub and Minnesota Hub Pricing Nodes — Interrogatories 13 through 18 request information regarding the bidding strategy approval process, communications between and among specific traders and supervisory personnel, the rationale for FTR position acquisitions, trading desk meetings and strategy sessions, and the nature and scop

II. Background and Context A. Procedural Posture The following summarizes the procedural history of this matter as it bears on the Second Data Request: • May 22, 2023: FERC OE issued a preliminary inquiry letter to DEH and DPT requesting voluntary production of certain trading records and related documentation concerning DPT's activities in the MISO Day-Ahead and Real-Time energy markets. • May 24, 2023: Calderwood &

III. Detailed Analysis of the 18 Interrogatories A. Category 1: Gas Nomination Practices Through Dunmore Midstream Partners LP (Interrogatories 1–7) Interrogatory 1 — Organizational Relationship Between DPT and DMP Summary of Request. Interrogatory 1 requests a detailed description of the corporate and operational relationship between DPT and DMP, including: (a) the ownership and corporate structure connecting the tw

IV. Privilege and Confidentiality Issues A. Attorney-Client Privilege Concerns Several of the interrogatories in the Second Data Request — particularly Interrogatories 13 through 18 dealing with internal communications, bidding strategy, and compliance oversight — may call for information communicated to or from counsel during the Relevant Period. Two sets of privilege holders are implicated: In-House Counsel. Martin