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Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures
F.E.R.C, Strengthens Customer Protection, Facilitates Investment In Electricity Industry
The Federal Energy Regulatory Commission today harmonized provisions of two key Energy Policy Act of 2005 rulemakings addressing mergers and utility holding companies. It also proposed changes to its regulations that will simplify the accounting, reporting and record retention of financial information of public utility holding companies and centralized service companies.
“The Commission’s actions today should facilitate investment in the electricity business by traditional utilities, nontraditional utilities, and financial institutions. It also accommodates efficient day-to-day financial operations of utility systems, while ensuring captive customers are protected,” observed Commission Chairman Joseph T. Kelliher.
The Energy Policy Act repealed the Public Utility Holding Company Act of 1935 and replaced it with the Public Utility Holding Company Act of 2005, or PUHCA 2005. On December 8, 2005, the Commission adopted Order No. 667 to implement PUHCA 2005, which took effect February 8, 2006. Order No. 667 required holding companies and service companies, unless exempted or granted a waiver by the Commission, to maintain and make available their records and books.
The Energy Policy Act also provided the Commission with expanded authority over certain utility corporate transactions under section 203 of the Federal Power Act, including certain mergers and acquisitions of securities by holding companies. The Energy Policy Act increased the monetary threshold for most transactions subject to Commission authorization, extended the Commission’s authority to include acquisitions of generation facilities, and required the Commission to make cross-subsidization determinations in reviewing jurisdictional transactions. The Commission adopted Order No. 669 on December 23, 2005, to implement these changes.
The Commission today acted on rehearing in both the PUHCA repeal and section 203 proceedings, harmonizing discrepancies between the two rules, sharpening its focus on protection of captive customers, and broadening some of the blanket authorizations and providing new blanket authorizations. Read more at: www.ferc.gov
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