[Federal Register Volume 74, Number 185 (Friday, September 25, 2009)]
[Proposed Rules]
[Pages 48884-48888]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-22851]


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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

18 CFR Parts 366 and 367

[Docket No. RM09-21-000]


Revised Filing Requirements for Centralized Service Companies 
Under the Public Utility Holding Company Act of 2005, the Federal Power 
Act, and the Natural Gas Act

Issued September 17, 2009.
AGENCY: Federal Energy Regulatory Commission, DOE.

ACTION: Notice of proposed rulemaking.

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SUMMARY: In this Notice of Proposed Rulemaking, the Federal Energy 
Regulatory Commission proposes to revise the Commission's regulations 
to require every centralized service company that provides non-power 
services to any public utility, natural gas company, or both, to file 
Form No. 60 (Annual Report of Centralized Service Companies) annually 
and abide by the Uniform System of Accounts, unless exempted or granted 
a waiver pursuant to our regulations.

DATES: Comments are due October 26, 2009.

ADDRESSES: You may submit comments, identified by docket number RM09-
21-000, by any of these methods:
     Agency Web Site: http://www.ferc.gov. Documents created 
electronically using word processing software should be filed in native 
applications or print-to-PDF format and not in a scanned format.
     Mail/Hand Delivery: Commenters unable to file comments 
electronically must mail or hand deliver an original and 14 copies of 
their comments to: Federal Energy Regulatory Commission, Secretary of 
the Commission, 888 First Street, NE., Washington, DC 20426.

FOR FURTHER INFORMATION CONTACT:

Thomas Russo (Technical Information), Division of Financial Regulation, 
Office of Enforcement, Federal Energy Regulatory Commission, 888 First 
Street, NE., Washington, DC 20426. Telephone (202) 502-8792.

Lawrence Greenfield (Legal Information), Office of the General 
Counsel--Energy Markets, Federal Energy Regulatory Commission, 888 
First Street, NE., Washington, DC 20426. Telephone (202) 502-6415.

Gary D. Cohen (Legal Information), Office of the General Counsel--
Energy Markets, Federal Energy Regulatory Commission, 888 First Street, 
NE., Washington, DC 20426. Telephone (202) 502-8321.

SUPPLEMENTARY INFORMATION: 

Notice of Proposed Rulemaking

I. Introduction

    1. In this Notice of Proposed Rulemaking (Notice), the Federal 
Energy Regulatory Commission proposes to revise the Commission's 
regulations at 18 CFR 366.1, 366.23, 367.1 and 367.2 to require every 
centralized service company that provides non-power services to a 
public utility, a natural gas company, or both, to file FERC Form No. 
60 (Annual Report of Centralized Service Companies) annually and abide 
by the Uniform System of Accounts, unless the holding company is 
exempted or granted a waiver pursuant to 18 CFR 366.3 or 366.4.\1\
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    \1\ A recent inquiry from the public alerted the Commission that 
greater clarity is needed on the scope of these filing requirements.
    We are not proposing any revisions to the regulatory text of 18 
CFR part 368 or 18 CFR 369.1, because the current text already is 
consistent with the proposals in this Notice.
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    2. The Commission believes that this proposed revision promotes

[[Page 48885]]

transparency and is consistent with the Commission's regulatory 
obligation to regulate public utilities under the Federal Power Act 
(FPA) \2\ and natural gas companies under the Natural Gas Act (NGA) \3\ 
to ensure that rates are just and reasonable. It also better tracks the 
Commission's intent in prior orders directing the filing of FERC Form 
No. 60.
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    \2\ 16 U.S.C. 791a et seq.
    \3\ 15 U.S.C. 717 et seq.
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II. Background

    3. On December 8, 2005, the Commission adopted Order No. 667,\4\ a 
final rule that, among other matters, required centralized service 
companies to file ``a newly-created FERC Form No. 60 (Annual Report for 
Service Companies) which is based on a streamlined version of the 
[Securities and Exchange Commission's] Form U-13-60.'' \5\ The 
Commission adopted Order No. 667 in response to the repeal of the 
Public Utility Holding Company Act of 1935 (PUHCA 1935) \6\ and the 
enactment of the Public Utility Holding Company Act of 2005 (PUHCA 
2005).\7\
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    \4\ Repeal of the Public Utility Holding Company Act of 1935 and 
Enactment of the Public Utility Holding Company Act of 2005, Order 
No. 667, FERC Stats. & Regs. ] 31,197 (2005), order on reh'g, Order 
No. 667-A, FERC Stats. & Regs. ] 31,213 (2006), order on reh'g, 
Order No. 667-B, FERC Stats. & Regs. ] 31,224 (2006), order on 
reh'g, Order No. 667-C, 118 FERC ] 61,133 (2007).
    \5\ Id. P 12; see also id. P 38. Form U-13-60 was the Securities 
and Exchange Commission's (SEC's) annual report for service 
companies of registered holding companies. Id. P 78; see 17 CFR 
250.94 (2005).
    \6\ 15 U.S.C. 79a et seq.
    \7\ 42 U.S.C. 16451 et seq.; see Energy Policy Act of 2005, 
Public Law 109-58, 1261-77, 119 Stat. 594, 972-78 (2005).
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    4. Pursuant to Order No. 667, the companies subject to the 
requirement to prepare and file FERC Form No. 60 were centralized 
service companies, i.e., those service companies that were ``not a 
special-purpose company * * * [and] that provide[d] non-power goods or 
services to a Commission-jurisdictional public utility or natural gas 
company.'' \8\ This language was intended to continue (albeit, as 
revised) the SEC requirement that centralized service companies of 
registered holding companies must file an annual report, regardless of 
whether the registered holding company included either (or both) a 
public utility or a natural gas company.
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    \8\ Order No. 667, FERC Stats. & Regs. ] 31,197, at regulatory 
text for 18 CFR 366.23(a). The Commission subsequently explained: 
``[i]n Order No. 667 * * *, the Commission announced its intention 
to modify the existing Uniform Systems of Accounts for public 
utilities and licensees and natural gas companies in Parts 101 and 
201, respectively, of the Commission's regulations to accommodate 
centralized service companies' use of those systems''--which was, in 
fact, done in Order No. 684. Financial Accounting, Reporting and 
Records Retention Requirements Under the Public Utility Holding 
Company Act of 2005, Notice of Proposed Rulemaking, FERC Stats. & 
Regs. ] 32,600, at P 6 (2006) (April 2006 Notice); accord Financial 
Accounting, Reporting and Records Retention Requirements Under the 
Public Utility Holding Company Act of 2005, Order No. 684, FERC 
Stats. & Regs. ] 31,229, at P 5 (2006).
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    5. On April 24, 2006, the Commission adopted Order No. 667-A, which 
addressed issues raised in requests for rehearing of Order No. 667. 
Among other things, we stated that ``our regulatory concerns are with 
respect to allocation of costs to entities whose rates are regulated by 
the Commission under the [Federal Power Act (FPA),\9\] and [Natural Gas 
Act (NGA) \10\], i.e., public utilities and natural gas companies.'' 
\11\
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    \9\ 16 U.S.C. 791a et seq.; see Order No. 667-A, FERC Stats. & 
Regs. ] 31,213 at P 6, n.12.
    \10\ 15 U.S.C. 717 et seq.
    \11\ Order No. 667-A, FERC Stats. & Regs. ] 31,213 at P 46, n.64 
(emphasis added). In both Order Nos. 667 and 667-A, the Commission 
noted its independent, broad authority under the FPA and NGA to 
obtain the books and records of regulated companies, and the FPA and 
NGA particularly provide that such authority extends to the books 
and records of any person that controls a public utility or a 
natural gas company and to the books and records of any other 
company controlled by such person. 15 U.S.C. 717g(c); 16 U.S.C. 
825(c); see Order No. 667, FERC Stats. & Regs. ] 31,197 at P 3, 6, 
107, 130 n.122; Order No. 667-A, FERC Stats. & Regs. ] 31,213 at P 
4, 12; cf. Order No. 667, FERC Stats. & Regs. ] 31,197 at P 52 
(discussing how books and records may be obtained).
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    6. On the same date that the Commission adopted Order No. 667-A, it 
also proposed to adopt a Uniform System of Accounts for centralized 
service companies.\12\
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    \12\ April 2006 Notice, FERC Stats. & Regs. ] 32,600 at P 1, 7, 
9.
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    7. In addition, the Commission specifically invited comment,\13\ on 
whether there was a regulatory gap under PUHCA 2005 that might restrict 
the Commission's ability to assert jurisdiction over holding companies 
with natural gas company affiliates and no public utility affiliates 
and what, if any, action the Commission might take under the NGA.\14\ 
None of the comments filed in response to the April 2006 Notice raised 
any objection to the applicability of FERC Form No. 60 to service 
companies providing non-power goods and services to either public 
utilities or natural gas companies. In Order No. 684, in fact, the 
Commission noted that its authority extended to centralized service 
companies that served both public utilities and natural gas companies--
referencing PUHCA 2005 as well as the FPA and NGA.\15\
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    \13\ Id. P 17.
    \14\ Id.
    \15\ Order No. 684, FERC Stats. & Regs. ] 31,229 at P 54.
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    8. As we explained in the April 2006 Notice, describing the 
development of the regulations:

[w]e were guided by three overarching objectives: (1) The new 
accounting and records retention requirements should mirror the 
existing requirements contained in Parts 101, 201, 125 and 225 of 
the Commission's regulations for public utilities and licensees and 
natural gas companies to the maximum extent practicable, but should 
exclude provisions that are not relevant; (2) the new accounting 
requirements should allow for the consolidation of service company 
financial information with the financial information of associate 
public utilities and licensees and natural gas companies as needed 
for stockholder and SEC reporting; and (3) the new Uniform System of 
Accounts for centralized service companies should include 
requirements that reflect aspects of business operations that are 
unique to such service companies.\16\
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    \16\ April 2006 Notice, FERC Stats. & Regs. ] 32,600 at P 8; 
accord Order No. 684, FERC Stats. & Regs. ] 31,229 at P 27, 100.

We also explained in the April 2006 Notice that the proposed Uniform 
System of Accounts for Centralized Service Companies conformed, to the 
maximum extent practicable, to the Commission's existing Uniform 
Systems of Accounts for public utilities and licensees and for natural 
gas companies as set forth in parts 101 and 201, respectively, of the 
Commission's regulations.\17\
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    \17\ April 2006 Notice, FERC Stats. & Regs. ] 32,600 at P 9; 
accord Order No. 684, FERC Stats. & Regs. ] 31,229 at P 9; cf. id. P 
10 (referring to record retention requirements for public utilities 
and natural gas companies).
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    9. The Commission followed up the issuance of Order Nos. 667 and 
667-A with Order No. 684,\18\ a final rule that, among other matters, 
established a Uniform System of Accounts for centralized service 
companies in part 367. Order No. 684 also reiterated that centralized 
service companies providing non-power services must file FERC Form No. 
60, Annual Report of Centralized Service Companies, unless exempted or 
granted a waiver pursuant to 18 CFR 366.3 or 366.4; this requirement 
was codified at 18 CFR 366.23 and 367.2.
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    \18\ See supra note 8.
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    10. It is also noteworthy that, when the Commission in Order No. 
684 compared the final rule it was adopting there to the proposals in 
the April 2006 Notice, the Commission did not state that it was now 
excusing centralized service companies in those holding company systems 
with no public utilities from their obligations to file FERC Form No. 
60 and to abide by the Uniform System of Accounts. Indeed, the 
Commission explained in Order No.

[[Page 48886]]

684 that ``a structured USofA as proposed under new part 367 of the 
Commission's regulations is necessary to ensure consistency across the 
centralized service companies and, equally important, to ensure the 
Commission has the information necessary to carry out its obligations 
under PUHCA 2005, the Federal Power Act (FPA), and the Natural Gas Act 
(NGA).'' \19\ We also explained in Order No. 684:
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    \19\ Order No. 684, FERC Stats. & Regs. ] 31,229 at P 27.

    Although flexibility in accounting rules may have enabled the 
SEC to meet its regulatory responsibilities, such flexibility will 
not allow the Commission to accomplish its regulatory mandate to 
ensure just and reasonable rates. There are hundreds of entities 
subject to the Commission's jurisdiction. The only way the 
Commission can efficiently carry out this mandate is by requiring 
these entities to account for transactions in a structured and 
uniform manner. That is why the Commission adopted and still 
maintains USofAs for public utilities and licensees and for natural 
gas companies. A structured USofA for centralized service companies 
is an equally essential tool that the Commission needs to carry out 
its regulatory responsibilities.\20\
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    \20\ Id. P 29.

The same reasoning applies equally to the filing of FERC Form No. 
60.\21\
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    \21\ Also notable is the fact that 18 CFR 367.2(b)(4) provides 
that the requirement to use the Uniform System of Accounts does not 
apply to a centralized service company that provides services 
``exclusively to a local gas distribution company.'' This provision 
parallels the provision in 18 CFR 366.3(b)(2)(vi) that exempts a 
holding company that is a holding company solely with respect to 
local gas distribution companies that are not regulated as natural 
gas companies. Such an exemption would have been unnecessary if the 
requirements of that section only extended to services provided to 
public utilities. The regulations also provide, at 18 CFR 
367.2(b)(2), that the new Uniform System of Accounts is not 
applicable to gas utility companies. If the requirement to file Form 
No. 60 was intended to only extend to non-power services provided by 
centralized service companies to public utilities, then this 
language likewise would be superfluous.
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    11. As currently written, 18 CFR 366.23(a)(1) provides that,

[u]nless otherwise exempted or granted a waiver by Commission rule 
or order pursuant to Sec.  366.3 and Sec.  366.4, every centralized 
service company \22\ (see Sec.  367.2 of this chapter) in a holding 
company system must file an annual report, Form No. 60.
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    \22\ A centralized service company is defined to include any 
service company providing services such as administrative, 
management, financial, accounting, and other services ``to other 
companies in the same holding company system.'' 18 CFR 367.1(a)(7).

However, 18 CFR 367.2(a) currently states that, unless exempted or 
granted a waiver by Commission rule or order, the Uniform System of 
Accounts, on which FERC Form No. 60 is based ``applies to any 
centralized service company operating, or organized specifically to 
operate, within a holding company system for the purpose of providing 
non-power services to any public utility in the same holding company 
system.''
    12. In Order Nos. 667, 667-A and 684, the Commission intended to 
require every centralized service company that provides non-power 
services to a public utility, a natural gas company, or both, to file 
FERC Form No. 60 (Annual Report of Centralized Service Companies) 
annually, unless the holding company is exempted or granted a waiver 
pursuant to 18 CFR 366.3 or 366.4. However, it has recently come to the 
Commission's attention that the regulatory text as currently drafted, 
particularly at 18 CFR 366.1 and 366.23 and 18 CFR 367.1 and 367.2, 
does not conform to the Commission's intention on these matters.

III. Discussion

    13. As currently written, the reference in 18 CFR 366.23 to 18 CFR 
367.2, and 18 CFR 367.2 itself, make both the requirement to file FERC 
Form No. 60 under 18 CFR 366.23 and the requirement to abide by the 
Uniform System of Accounts pursuant to 18 CFR 367.2 applicable only to 
a centralized holding company providing non-power goods or services to 
a ``public utility'' in the same holding company system, rather than to 
a ``public utility'' or a ``natural gas company'' or both.
    14. It was our intention in Order Nos. 667, 667-A and 684 that 
every centralized service company providing non-power services either 
to any public utility or to any natural gas company (or to both) in the 
same holding company system file FERC Form No. 60 and comply with the 
Uniform System of Accounts, unless the holding company is exempted or 
granted a waiver. However, it has recently come to our attention that, 
as currently written, the regulatory text of 18 CFR 366.1, 366.23, 
367.1 and 367.2 could be read to reach a different conclusion. As 
discussed above, this more narrow application was not intended.
    15. Thus, we propose to apply the FERC Form No. 60 annual filing 
requirement, as well as the requirement to abide by the Uniform System 
of Accounts, to any centralized service company that provides non-power 
services to any public utility or any natural gas company, or both, in 
the same holding company system, so that the filing requirements will 
apply to all the entities that the Commission envisioned covering in 
its earlier orders, (i.e., the public utilities and natural gas 
companies subject to the Commission's jurisdiction under the FPA and 
NGA).
    16. Therefore, the Commission proposes to revise 18 CFR 366.1 and 
18 CFR 367.1 to clarify that ``service companies'' include entities 
providing non-power goods or services to any public utility or any 
natural gas company in the same holding company system, and to revise 
18 CFR 366.23 and 18 CFR 367.2 to clarify that every centralized 
service company that provides non-power services to a public utility, a 
natural gas company, or both, in the same holding company system, must 
file FERC Form No. 60 (Annual Report of Centralized Service Companies) 
annually and must abide by the Uniform System of Accounts, unless the 
holding company is exempted or granted a waiver pursuant to 18 CFR 
366.3 or 366.4.
    17. The Commission believes that these revisions will promote 
transparency and are consistent with the Commission's regulatory 
obligation to regulate public utilities under the FPA and natural gas 
companies under the NGA to ensure just and reasonable rates. It also 
better tracks the Commission's intent in prior orders directing the 
filing of FERC Form No. 60.\23\
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    \23\ If commenters believe that revisions to 18 CFR part 368 or 
18 CFR 369.1 are also needed, they may so state in their comments.
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    18. In contrast to Order Nos. 667, 667-A and 684, in this 
rulemaking the Commission intends to rely explicitly on the 
Commission's authority under the FPA and NGA, in addition to our 
authority under PUHCA 2005. Accordingly, the Commission also proposes 
in this Notice to revise the name of subchapter U, and of parts 366 and 
367, title 18, CFR, to better reflect the Commission's reliance on its 
statutory authority under the FPA and NGA, in addition to its authority 
under PUHCA 2005.

IV. Information Collection Statement

    19. Office of Management and Budget (OMB) regulations require OMB 
to review and approve certain information collection requirements 
imposed by agency rule.\24\ The Commission is submitting notification 
of the information collection requirements contained in this proposed 
rule to OMB for review and approval under section 3507(d) of the 
Paperwork Reduction Act of 1995.\25\ The Commission solicits comments 
on the Commission's need for this information, whether the information 
will have practical utility, the accuracy of the provided burden

[[Page 48887]]

estimates, ways to enhance the quality, utility, and clarity of the 
information to be collected, and any suggested methods for minimizing 
respondents' burden, including the use of automated information 
techniques.
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    \24\ 5 CFR 1320.11.
    \25\ 44 U.S.C. 3507(d).
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    20. In this Notice, we are proposing to require that FERC Form No. 
60 as it currently exists now also be filed by centralized service 
companies in holding company systems that include natural gas companies 
(where there is not also a public utility), and that the Uniform System 
of Accounts as it currently exists now also apply to centralized 
service companies in holding company systems (where there is not also a 
public utility); in holding company systems where there already is a 
public utility, these requirements already apply. The number of 
companies that now would be subject to these requirements (that were 
not subject to these requirements before) is relatively small, since 
most holding companies include only public utilities or include both 
public utilities and natural gas companies and so would already be 
subject to these requirements.
    Title: FERC Form No. 60, Annual Report of Centralized Service 
Companies.
    Action: Proposed collections.
    OMB Control No.: 1902-0215.
    Respondents: Business or other for profit, Interstate natural gas 
pipelines and public utilities (not applicable to small businesses).
    Frequency of Responses: Annually.
    21. Necessity of Information: This proposed rule, if implemented, 
would explicitly require, absent an exemption or waiver, any 
centralized service company providing non-power services to any natural 
gas company or any public utility, or both, to file FERC Form No. 60 
annually and to comply with the Uniform System of Accounts. This 
information is needed to promote transparency and to allow the 
Commission to determine whether rates of natural gas pipelines and 
public utilities are just and reasonable.
    22. Implementation of these requirements also will help the 
Commission carry out its responsibilities under the FPA, NGA, and PUHCA 
2005 to ensure that public utilities and natural gas companies do not 
engage in improper pricing and undue discrimination. The information 
collection requirements of this proposed rule will be reported to the 
Commission and posted on the Commission's Web site.
    Internal Review: The Commission has reviewed the reporting and 
accounting requirements proposed in this Notice. These requirements 
conform to the Commission's plan for efficient information collection, 
communication, and management within the natural gas pipeline and 
electric power industries, and are necessary to meet the Commission's 
obligations under PUHCA, the FPA, and the NGA. The Commission has 
assured itself, by means of its internal review, that there is 
specific, objective support for the burden estimates associated with 
the information collection requirements.
    23. Interested persons may obtain information on the reporting 
requirements by contacting the following: Federal Energy Regulatory 
Commission, 888 First Street, NE., Washington, DC 20426. [Attention: 
Michael Miller, Office of the Chief Information Officer. Phone: (202) 
502-8415, fax: (202) 273-0873, e-mail: [email protected].]
    24. Comments concerning the collection of information and the 
associated burden estimate, should be sent to the contact listed above 
and to the Office of Management and Budget, Office of Information and 
Regulatory Affairs, Washington, DC 20503.
    [Attention: Desk Officer for the Federal Energy Regulatory 
Commission, phone: (202) 395-7856, fax: (202) 395-7285].

V. Environmental Analysis

    25. The Commission is required to prepare an Environmental 
Assessment or an Environmental Impact Statement for any action that may 
have a significant adverse effect on the human environment.\26\ The 
Commission has categorically excluded certain actions from these 
requirements as not having a significant effect on the human 
environment.\27\ The actions proposed here fall within categorical 
exclusions in the Commission's regulations for rules that are 
clarifying, corrective, or procedural, for information gathering, 
analysis, and dissemination, for accounting-related matters, and for 
rate-related matters.\28\ Therefore, no environmental assessment is 
necessary.
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    \26\ Regulations Implementing the National Environmental Policy 
Act, Order No. 486, FERC Stats. & Regs. ] 30,783 (1987).
    \27\ 18 CFR 380.4.
    \28\ See 18 CFR 380.4(a)(2)(ii), 380.4(a)(5), 380.4(a)(15), 
380.4(a)(25); accord id. 380.4(a)(27).
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VI. Regulatory Flexibility Act Certification

    26. The Regulatory Flexibility Act of 1980 (RFA) \29\ generally 
requires a description and analysis of rulemakings that will have a 
significant economic impact on a substantial number of small entities. 
The regulations proposed here impose requirements only on holding 
companies of public utilities and natural gas pipelines, the majority 
of which are not small businesses, and thus the regulations proposed 
here will not have a significant economic impact on a substantial 
number of small entities. These requirements are, in fact, designed to 
benefit all customers, including small businesses. Accordingly, the 
Commission hereby certifies that the regulations proposed here will not 
have a significant adverse impact on a substantial number of small 
entities.
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    \29\ 5 U.S.C. 601-12.
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VII. Comment Procedures

    27. The Commission invites interested persons to submit written 
comments on the matters proposed to be adopted in this Notice, 
including any related matters or alternative proposals that commenters 
may wish to discuss. Comments are due October 26, 2009. Comments must 
refer to Docket No. RM09-21-000, and must include the commenter's name, 
organization represented, if applicable, and address. Comments may be 
filed either in electronic or paper format.
    28. Comments may be filed electronically via the eFiling link on 
the Commission's Web site at http://www.ferc.gov. The Commission 
accepts most standard word processing formats and commenters may attach 
additional files with supporting information in certain other file 
formats. Commenters filing electronically do not need to make a paper 
filing. Commenters that are not able to file comments electronically 
must submit an original and 14 copies of their comments to: Office of 
the Secretary, Federal Energy Regulatory Commission, 888 First Street, 
NE., Washington, DC 20426.
    29. All comments will be placed in the Commission's public files 
and may be viewed, printed, or downloaded remotely as described in the 
Document Availability section below. Commenters are not required to 
serve copies of their comments on other commenters.

VIII. Document Availability

    30. In addition to publishing the full text of this document in the 
Federal Register, the Commission provides all interested persons an 
opportunity to view and/or print the contents of this document via the 
Internet through the Commission's Home Page (http://www.ferc.gov) and 
in the Commission's Public Reference Room during normal business hours 
(8:30 a.m. to 5 p.m. Eastern time) at 888 First Street, NE., Room 2A, 
Washington, DC 20426.
    31. From the Commission's Home Page on the Internet, this 
information is

[[Page 48888]]

available in eLibrary. The full text of this document is available in 
eLibrary both in PDF and Microsoft Word formats for viewing, printing, 
and/or downloading. To access this document in eLibrary, type the 
docket number excluding the last three digits of this document in the 
docket number field.
    32. User assistance is available for eLibrary and the Commission's 
Web site during the Commission's normal business hours. For assistance, 
contact FERC Online Support by e-mail at [email protected], or 
by telephone at 202-502-6652 (toll-free at (866) 208-3676) or for TTY, 
contact (202) 502-8659.

List of Subjects

18 CFR Part 366

    Electric power, Natural gas, Reporting and recordkeeping 
requirements.

18 CFR Part 367

    Electric power, Natural gas, Uniform System of Accounts, Reporting 
and recordkeeping requirements.

Kimberly D. Bose,
Secretary.

    In consideration of the foregoing, the Commission proposes to amend 
parts 366 and 367, subchapter U, Chapter I, Title 18, Code of Federal 
Regulations, as follows:
    1. Revise the heading to Subchapter U to read as follows:

Subchapter U--Regulations Under the Public Utility Holding Company Act 
of 2005, Federal Power Act and Natural Gas Act

    2. Revise the heading to part 366 to read as follows:

PART 366--BOOKS AND RECORDS

    3. The authority citation for part 366 is revised to read as 
follows:

    Authority: 15 U.S.C. 717 et seq., 16 U.S.C. 791a et seq., and 42 
U.S.C. 16451-16463.

    4. Revise the heading to Subpart A of part 366 to read as follows:

Subpart A--Definitions and Provisions Under PUHCA 2005, the Federal 
Power Act and the Natural Gas Act

    5. In Sec.  366.1, the definition of ``service company'' is revised 
to read as follows:


Sec.  366.1  Definitions.

* * * * *
    Service company. The term ``service company'' means any associate 
company within a holding company system organized specifically for the 
purpose of providing non-power goods or services or the sale of goods 
or construction work to any public utility or any natural gas company, 
or both, in the same holding company system.
* * * * *
    6. Revise the heading to Subpart B to read as follows:

Subpart B--Accounting and Recordkeeping Under PUHCA 2005, the 
Federal Power Act and the Natural Gas Act

    7. In Sec.  366.23, paragraph (a) is revised to read as follows:


Sec.  366.23  FERC Form No. 60, Annual reports of centralized service 
companies, and FERC-61, Narrative description of service company 
functions.

    (a) General- (1) FERC Form No. 60. Unless otherwise exempted or 
granted a waiver by Commission rule or order pursuant to Sec. Sec.  
366.3 and 366.4, every centralized service company (see Sec.  367.2 of 
this chapter) in a holding company system, regardless of whether that 
service company is providing services to a public utility, a natural 
gas company, or both, must file an annual report, FERC Form No. 60, as 
provided in Sec.  369.1 of this chapter. Every report must be submitted 
on the FERC Form No. 60 then in effect and must be prepared in 
accordance with the instructions incorporated in that form.
* * * * *
    8. Revise the heading to part 367 to read as follows:

PART 367--UNIFORM SYSTEM OF ACCOUNTS FOR CENTRALIZED SERVICE 
COMPANIES SUBJECT TO THE PROVISIONS OF THE PUBLIC UTILITY HOLDING 
COMPANY ACT OF 2005, FEDERAL POWER ACT AND NATURAL GAS ACT

    9. The authority citation for part 367 is revised to read as 
follows:

    Authority: 15 U.S.C. 717 et seq., 16 U.S.C. 791a et seq., and 42 
U.S.C. 16451-16463.

    10. In Sec.  367.1, paragraph (a)(45) is revised to read as 
follows:


Sec.  367.1  Definitions.

    (a) * * *
    (45) Service company means any associate company within a holding 
company system organized specifically for the purpose of providing non-
power goods or services or the sale of goods or construction work to 
any public utility or any natural gas company, or both, in the same 
holding company system.
* * * * *
    11. In Sec.  367.2, paragraph (a) is revised to read as follows:


Sec.  367.2  Companies for which this system of accounts is prescribed.

    (a) Unless otherwise exempted or granted a waiver by Commission 
rule or order pursuant to Sec. Sec.  366.3 and 366.4 of this chapter, 
this Uniform System of Accounts applies to any centralized service 
company operating, or organized specifically to operate, within a 
holding company system for the purpose of providing non-power services 
to any public utility or any natural gas company, or both, in the same 
holding company system.
* * * * *
[FR Doc. E9-22851 Filed 9-24-09; 8:45 am]
BILLING CODE P