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On July 19, the Federal Energy Regulatory Commission (FERC) issued proposed rule changes to clarify and update its advance approval and reporting requirements for officers and directors who hold positions simultaneously with more than one public utility or with a public utility and certain other specified companies. Regulators refer to these simultaneous positions as "interlocking positions" or "interlocks." Under Section 305 of the Federal Power Act, it is unlawful, absent FERC approval, for a person to hold such interlocks. The FERC has regulations that identify the requirements for obtaining approval for interlocks (Part 45) and for reporting those interlocks (Part 46). In its July 19 Notice of Proposed Rulemaking, the FERC proposed, among other changes:
Comments on the proposed rule changes are due 60 days after their publication in the Federal Register. Following an opportunity to fully consider any comments filed, the FERC will take final action on the proposed rule changes.
The FERC notice should serve as a reminder to energy companies subject to FERC regulations of the need to remain vigilant in ensuring compliance with FERC regulations generally, including the interlock requirements. An effective compliance program helps provide that assurance and reduces the risk of violations. An effective compliance program also can mitigate penalties if violations do occur. If needed, Day Pitney's compliance team can bring to bear for its clients its experiences designing "best practices" compliance programs and procedures and providing compliance assessment, audit and legal services. If you have questions concerning these latest proposed changes in the FERC's rules or energy compliance issues more generally, please contact any of the attorneys listed in the sidebar of this alert.
Day Pitney Alert
On March 23, Day Pitney Partner Joseph Fagan served on the panel, "FERC Enforcement and Compliance," for the Connecticut Power and Energy Society (CPES).
On February 10, Joseph Fagan spoke at the Northeast Energy and Commerce Association (NECA) webinar, "Natural Gas: The Next Phase."
On February 3, partner Joseph Fagan served as a panelist for the Energy Bar Association webinar, "Rumble in the Regulatory Jungle: Rockefeller v. Hart, A Comparison of the NGA and ICA."
Day Pitney successfully represented Exelon before a New Jersey state appellate panel on Friday, where it upheld the New Jersey Board of Public Utilities' approval of a $300 million ratepayer subsidy for three Public Service Enterprise Group Inc.
Day Pitney Press Release
Day Pitney Press Release
Day Pitney Press Release
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.