[Federal Register Volume 62, Number 250 (Wednesday, December 31, 1997)] [Notices] [Page 68278] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 97-34108] ----------------------------------------------------------------------- DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [FERC-525] Information Collection Submitted for Review and Request for Comments December 24, 1997. AGENCY: Federal Energy Regulatory Commission. ACTION: Notice of submission for review by the Office of Management and Budget (OMB) and request for comments. ----------------------------------------------------------------------- SUMMARY: The Federal Energy Regulatory Commission (Commission) has submitted the energy information collection listed in this notice to the Office of Management and Budget (OMB) for review under provisions of Section 3507 of the Paperwork Reduction Act of 1995 (Pub. L. No. 104-13). Any interested person may file comments on the collection of information directly with OMB and should address a copy of those comments to the Commission as explained below. The Commission received no comments in response to an earlier Federal Register notice of August 8, 1997 (62 FR 42768) and has made this notation in its submission to OMB. DATES: Comments regarding this collection of information are best assured of having their full effect if received or on before January 30, 1998. ADDRESSES: Address comments to Office of Management and Budget, Office of Information and Regulatory Affairs, Attention: Federal Energy Regulatory Commission, Desk Officer, 726 Jackson Place, NW., Washington, DC 20503. A copy of the comments should also be sent to Federal Energy Regulatory Commission, Division of Information Services, Attention: Mr. Michael Miller, 888 First Street NE., Washington, DC 20426. FOR FURTHER INFORMATION CONTACT: Michael Miller may be reached by telephone at (202) 208-1415, by fax at (202) 273-0873, and by e-mail at [email protected]. SUPPLEMENTARY INFORMATION: Description The energy information collection submitted to OMB for review contains: 1. Collection of Information: FERC-525 ``Financial Audits''. 2. Sponsor: Federal Energy Regulatory Commission. 3. Control No.: OMB No. 1902-0092. The Commission is now requesting that OMB approve a three-year extension of the current expiration date, with no changes to the existing collection. There is a decrease in the reporting burden because the Commission is revamping its audit program to concentrate on compliance with issues related to Order Nos. 636 and 888 including issues that impede competition among companies. This shift in the emphasis of its audits is to gather information necessary to evaluate the regulatory implications of overseeing industry practices and standards in a competitive environment. These are mandatory collection requirements. 4. Necessity of Collection of Information: Submission of the information is necessary to enable the Commission to carry out its responsibilities in implementing the provisions of the Federal Power Act (FPA), the Natural Gas Act (NGA), and the Interstate Commerce Act (ICA). The information reported under Commission identifier FERC-525 is filed in accordance with Sections 4(b), 208, 301(b), 302, 307 and 308 of the FPA, Sections 6, 8(b), 9 and 10 of the NGA and Sections 19 and 20 of the ICA. The Commission also conducts reviews to ensure respondents comply with requirements established under Commission Order Nos. 636 and 888. These audits are performed to ensure that financial records and reports of entities regulated by the Commission comply with its accounting and reporting requirements and to provide assurance of the reliability of companies' financial data for both the Commission and investor purposes. The information gathered during the audits forms the basis of the audit staff's opinion regarding the reliability of financial data filed with the Commission by companies; the extent of conformance by companies to the Uniform System of Accounts and other regulations of the Commission, and compliance with the Commission's regulation for open access transportation of natural gas and electric energy including standards of conduct and electronic bulletin board posting of transportation/transmission availability and pricing. 5. Respondent Description: The respondent universe currently comprises, on average, 77 respondents. 6. Estimated Burden: 7,700 total burden hours, 77 respondents, 1 response annually, 100 hours per response (average). 7. Estimated Cost Burden to Respondents: 7,700 hours2,088 hours per year x $110,000 per year = $405,846, average cost per respondent = $5,271. Statutory Authority: Sections 4(b), 208, 301(b), 302, 307, 308 of the FPA, 16 U.S.C. 792-828g; Sections 6, 8(b), 9 and 10 of the NGA, 15 U.S.C. 717-717w; and Sections 19 and 20 of the ICA, 49 U.S.C. 19 and 20. Lois D. Cashell, Secretary. [FR Doc. 97-34108 Filed 12-30-97; 8:45 am] BILLING CODE 6717-01-M