Quarterly Financial Reporting and Revisions to the Annual Reports June 26, 2003.

Note: EPA no longer updates this information, but it may be useful as a reference or resource.

[Federal Register: July 7, 2003 (Volume 68, Number 129)]
[Proposed Rules]
[Page 40339-40426]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07jy03-42]

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DEPARTMENT OF ENERGY
Federal Energy Regulatory Commission
18 CFR Parts 141, 260, 357 and 375
[Docket No. RM03-8-000]

Quarterly Financial Reporting and Revisions to the Annual Reports
June 26, 2003.

AGENCY: Federal Energy Regulatory Commission.
ACTION: Notice of proposed rulemaking.

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SUMMARY: The Federal Energy Regulatory Commission proposes to revise
its regulations by establishing quarterly financial reporting
requirements for jurisdictional public utilities, licensees, natural
gas and oil pipeline companies. Additionally, the Commission proposes
to make certain changes to the existing FERC Annual Reports to improve
the quality of financial information filed with the Commission and to
provide consistency in the reporting of financial information for all
periods.
The Commission proposes to add two quarterly financial report
forms: FERC Form No. 3-Q, Quarterly Financial Report of Electric
Companies, Licensees, and Natural Gas Companies, and FERC Form No. 6-Q,
Quarterly Financial Report of Oil Pipeline Companies. These two new
reports will collect financial and certain financial related
information from jurisdictional entities on a more frequent basis.
The Commission also proposes to update FERC Annual Report Forms 1,
1-F, 2, 2-A, and 6. The updates include the reporting of fourth quarter
financial data, adding a management discussion and analysis schedule,
allowing the submission of the CPA certification electronically,
updating the officer's certification, and accelerating the filing
dates.
The Commission has determined that dependable, affordable,
competitive wholesale energy markets require an adequate
infrastructure, balanced market rules, and vigilant oversight. This
rulemaking helps in achieving the goal of vigilant oversight by
providing the Commission with more timely, relevant, reliable and
understandable financial information from major participants in the
energy market. This proposed rule provides the needed transparency of
financial information from FERC-jurisdictional entities at a level of
detail that is not obtainable from other sources. This proposed rule
will allow the Commission, as well as customers, investors, and others
to identify and evaluate financial trends and emerging issues facing
the energy industry. More frequent financial reporting will aid the
Commission in assessing the economic consequences of transactions and
events on jurisdictional entities, measuring the effects of regulatory
initiatives, evaluating the adequacy of existing traditional cost-based
rates and aid in the development of needed changes to existing
regulatory initiatives.
Finally, Congress recognized the importance of financial
transparency and better financial disclosures resulting in the passage
of the Sarbanes-Oxley Act of 2002 which requires public companies to
disclose financial information on a rapid and current basis. The
Commission therefore proposes to accelerate the filing dates of its
FERC Annual Reports, and revise its officer's certification statement
contained in these reports consistent with the Sarbanes-Oxley Act of
2002.

DATES: Comments are due August 6, 2003.

ADDRESSES: Comments may be filed electronically via the eFiling link on
the Commission's Web site at http://www.ferc.gov. Commenters unable to
file comments electronically must send an original and 14 copies of
their comments to: Federal Energy Regulatory Commission, Office of the
Secretary, 888 First Street, NE., Washington, DC 20426. Refer to the
Comment Procedures section of the preamble for additional information
on how to file comments.

FOR FURTHER INFORMATION CONTACT:

Mark Klose, (Project Manager), Office of the Executive Director,
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, (202) 502-8283.
Julie Kuhns, (Technical Information), Office of the Executive Director,
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, (202) 502-6287.
Christopher Bublitz, (Technical Information), Office of Administrative
Litigation, Federal Energy Regulatory Commission, 888 First Street,
NE., Washington, DC 20426, (202) 502-8542.
Julia A. Lake, (Legal Information), Office of the General Counsel,
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, (202) 502-8370.

SUPPLEMENTARY INFORMATION:

Table of Contents

I. Introduction
II. Background
A. General
B. Basic Financial Statements
C. Relevancy of Periodic Financial Information
III. Discussion
A. General
B. Proposed Quarterly Financial Reports
1. Set of Financial Statements and Other Selected Information
2. Management Discussion and Analysis
3. Electric Transmission Peak Loads
4. Corporate Officers Certification
5. CPA Review Letter
6. Who Must File and When
7. Update Delegations
C. Proposed Changes to the FERC Annual Report Forms
1. Fourth Quarter Financial Information
2. New Ancillary Service Schedule
3. Update Corporate Officers Certification
4. Acceleration of Annual Report Form Submission
5. Changes to the CPA Certification Requirements
6. Miscellaneous
IV. Regulatory Flexibility Act Statement
V. Environmental Analysis
VI. Information Collection Statement
VII. Comment Procedures
VIII. Document Availability
Regulatory Text
Appendix A--Proposed FERC Forms 3-Q, and 6-Q
Appendix B--Proposed New Schedule for FERC Forms 1 and 1-F

I. Introduction

1. In this notice of proposed rulemaking (NOPR), the Federal Energy
Regulatory Commission (Commission) proposes to amend its financial
reporting requirements for public utilities and licensees,\1\ natural
gas companies,\2\ and oil pipeline companies.\3\ The Commission
proposes to require quarterly reporting of financial and certain
financial related information from jurisdictional entities that are
subject to the Commission's Uniform Systems of Accounts and file FERC
Annual Report Forms 1, 1-F, 2, 2-A or 6.\4\
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\1\ Part 141 Statements and Reports (Schedules). 18 CFR part
141.
\2\ Part 260 Statements and Reports (Schedules). 18 CFR part
260.
\3\ Part 357 Annual Special or Periodic Reports: Carriers
Subject to part 1 of the Interstate Commerce Act. 18 CFR part 357.
\4\ FERC Form No. 1, Annual Report of Major Public Utilities,
Licensees and Others; FERC Form No. 1-F, Annual Report of Nonmajor
Public Utilities and Licensees; FERC Form No. 2, Annual Report of
Major Natural Gas Companies; FERC Form No. 2-A, Annual Report of
Nonmajor Natural Gas Companies and Form No. 6, Annual Report of Oil
Pipeline Companies.
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2. The persons and entities subject to the Federal Power, Natural
Gas and Interstate Commerce Acts are engaged in the production of
electricity, its transmission to ultimate customers, and the
transportation and storage of natural

[[Page 40341]]

gas and petroleum products. Congress granted the Commission authority
under these Acts to prescribe periodic financial and non-financial
reporting pursuant to sections 4, 304 and 309 of the Federal Power Act,
sections 10(a) and 16 of the Natural Gas Act, and section 20 of the
Interstate Commerce Act.\5\ The Commission has implemented its long
standing statutory authority to collect financial information by
requiring electric, natural gas and oil pipeline companies to submit
financial statements only on an annual basis, and until recently, in a
paper format.
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\5\ See 16 U.S.C. 797, 825c and 825h; 15 U.S.C. 717i(a) and
717o; and 49 App. U.S.C. 1-85 (1988).
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3. However, the information and market demands of the 21st century
require that the Commission, as well as other users of financial data,
receive timely, relevant and reliable information to make informed
decisions about matters affecting the energy industry. Quarterly
financial reporting will aid the Commission in assessing the economic
consequences of transactions and events on jurisdictional entities,
measuring the effects of regulatory initiatives, evaluating the
adequacy of existing traditional cost-based rates and aid in the
development of needed changes to existing regulatory initiatives.
Financial statements are a primary source of this critical information.
4. Financial accounting information provides needed information
concerning a company's past performance and its future prospects. The
need for current and better disclosures drives the increasing demand
for timely financial information. These needs have never been more
evident. Enron and other widely reported financial accounting scandals
have shaken public and investor confidence in the U.S. financial
reporting system generally, and in our capital and energy markets. This
crisis in confidence, unless reversed, will continue to compromise the
energy industry's financial health and inhibit investments in critical
energy infrastructure.
5. During the past year, the Commission has listened to Wall
Street, representatives of investment and commercial banks, financial
analysts, credit rating agencies, accounting standard setting bodies,
and preparers of financial statements including the Chief Credit Risk
Officers which represents companies that account for approximately half
of the power and natural gas transactions in the United States. These
groups delivered many messages, but all agreed that accounting
transparency and better disclosure requirements are essential for the
functioning of efficient markets and strengthening investor confidence.
Rapid and current dissemination of financial information is essential
to the efficient functioning of capital markets and strengthening
investor confidence is crucial in a highly capital intensive energy
industry that needs to attract funds in the market place to improve and
expand the necessary infrastructure.
6. Congress recognized the importance of financial transparency and
passed the Sarbanes-Oxley Act of 2002 which ordered public companies to
disclose financial information on a rapid and current basis.\6\
Additionally, this legislation requires executive officers to review
and certify that the financial statements do not contain any untrue
statement of material fact, are not misleading, and fairly represent
the financial condition of the company. As a result of this legislation
the United States Securities and Exchange Commission (SEC) has issued
numerous regulations to implement this legislation including the
acceleration of filing requirements for publicly held companies, and a
new officer's certification statement attesting to the reliability of
the information presented in the financial statements.
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\6\ Sarbanes-Oxley Act of 2002, Pub. L. No. 107-204, 116 Stat.
745-810 (2002).
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7. In order to improve transparency of the financial information
related to FERC jurisdictional entities in a parallel fashion, the
Commission is proposing to require financial reporting for FERC
purposes on a quarterly basis. The proposed action taken today will
allow the Commission, as well as other users, to identify and evaluate
financial trends and emerging issues facing the energy industry. More
frequent financial reporting will give the Commission and the public
another tool to improve decision making. It will aid the Commission in
assessing the economic consequences of transactions and events on
jurisdictional entities, measuring the effects of regulatory
initiatives, evaluating the adequacy of existing traditional cost-based
rates and aid in the development of needed changes to existing
regulatory initiatives.
8. We conclude that the benefits obtained from jurisdictional
entities reporting financial information on a quarterly basis far
outweigh any additional burden. The benefits to the Commission, as well
as the public, of greater transparency and understandability of
financial statements far outweigh the costs to an individual company.
In fact, we find that the burden should be minimal. It is standard
practice for companies to compile and summarize accounting transactions
on a monthly basis, or even more frequently depending on the
operational need for selected data. Thus, the information needed to
compile quarterly financial statements is readily available.
9. Currently, the public can access financial information through
the Commission's FERRIS system or by using Commission-developed
software. To improve access to FERC-held financial information, we will
make it easier for users to electronically access financial information
filed with this Commission. It is also our intent to collaborate with
the SEC to establish new Web links between our respective Web home
pages so that all users can access FERC-held financial information in a
timely and efficient manner.
10. The increased transparency of financial information will be
accomplished by adding the following two new quarterly financial report
forms: FERC Form No. 3-Q, Quarterly Financial Report of Electric
Utilities, Licensees, and Natural Gas Companies (Form 3-Q), and FERC
Form No. 6-Q, Quarterly Financial Report of Oil Pipeline Companies
(Form 6-Q). The proposed quarterly reports will require companies to
file with the Commission a complete set of quarterly financial
statements including appropriate notes to the financial statements, a
management's discussion and analysis of financial condition and results
of operations (commonly referred to as an ``MD&A''), and ancillary
service purchase and sales information.
11. The proposed quarterly reports will also require company
officers to sign a certification statement attesting to the reliability
of the filed information. Additionally, when a certified public
accountant (CPA) has reviewed the quarterly report, this certification
must also be filed with the Commission.
12. The Commission also proposes to update the financial reporting
and disclosure requirements of the FERC Annual Reports to be consistent
with the requirements contained in the quarterly reports.
Jurisdictional entities will be required to include certain fourth
quarter financial data in the FERC Annual Reports, including an MD&A
schedule, and officers will be required to sign a certification
statement attesting to the reliability of the filed information.
Finally, the Commission is proposing to accelerate the filing dates for
the FERC Annual Reports.
13. The Commission has determined that dependable, affordable,
competitive wholesale energy markets require an

[[Page 40342]]

adequate infrastructure, balanced market rules, and vigilant
oversight.\7\ This rulemaking helps in achieving the goal of vigilant
oversight by providing the Commission with more timely, relevant,
reliable and understandable financial information from certain
participants in the energy market.
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\7\ See the Commission's Strategic Plan FY 2002 through 2007,
and the Chairman's March 5, 2003, testimony before the Subcommittee
on Energy and Air Quality of the Commerce, United States House of
Representatives, available online at http://www.ferc.gov/.
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14. Quarterly reporting of financial information will provide the
Commission with an important tool to help identify emerging trends and
issues affecting jurisdictional entities within the energy industry. It
will aid the Commission is assessing the economic consequences of
transactions and events on jurisdictional entities, measuring the
effects of regulatory initiatives, evaluating the adequacy of existing
traditional cost-based rates and aid in the development of needed
changes to existing regulatory initiatives. In conclusion, full
disclosure of all material facts to the Commission, as well as, other
users of financial information is necessary if competitive markets are
to function efficiently. Transparent reporting of information proposed
in this rulemaking will help the Commission to achieve the above
objectives.

II. Background

A. General

15. The primary objective of financial reporting is to provide
financial statements to the Commission that accurately measure the
results of operations and the financial condition of a company.
Financial statements are the foundation for understanding the financial
position of a business and are used to assess a company's past,
present, and future performance. One of the principle means that
jurisdictional entities use to communicate financial information to the
Commission is through the filing of FERC Annual Report Forms 1, 1-F, 2,
2-A and 6. Additionally, jurisdictional entities file certain
registration statements individually, or as part of a consolidated
group, with the SEC and issue annual reports on a consolidated basis to
shareholders. These registration statements and annual reports provide
information about the financial condition of the parent company and its
corporate family.
16. The FERC Annual Reports filed with the Commission report on the
financial condition of a company at a jurisdictional entity level, and
are compiled using a standard chart of accounts contained in the
Commission's Uniform Systems of Accounts.\8\ The use of a uniform chart
of accounts permit public utilities and licensees,\9\ natural gas
companies,\10\ and oil pipeline companies,\11\ to account for similar
transactions and events in a consistent manner, and communicate those
results to the Commission on a periodic basis.
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\8\ Section 301(a) of the Federal Power Act (FPA), 16 U.S.C.
825(a), section 8 of the Natural Gas Act (NGA), 15 U.S.C. 717g and
section 20 of the Interstate Commerce Act (ICA), 49 App. U.S.C. 20
(1988), authorize the Commission to prescribe rules and regulations
concerning accounts, records and memoranda as necessary or
appropriate for the purpose of administering the FPA, NGA, and the
ICA. The Commission may prescribe a system of accounts for
jurisdictional companies and, after notice and opportunity for
hearing, may determine the accounts in which particular outlays and
receipts will be entered, charged or credited.
\9\ Part 101 Uniform System of Accounts Prescribed for Public
Utilities and Licensees Subject to the Provisions of the Federal
Power Act. 18 CFR part 101 (2003).
\10\ Part 201 Uniform System of Accounts Prescribed for Natural
Gas Companies Subject to the Provisions of the Natural Gas Act. 18
CFR part 201 (2003).
\11\ Part 352 Uniform System of Accounts Prescribed for Oil
Pipeline Companies Subject to the Provisions of the Interstate
Commerce Act. 18 CFR part 352 (2003).
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17. Additionally, it helps in presenting accurately the entity's
financial condition and produces comprehensive data related to the
entity's financial history helping to act as a guide for future action.
The uniformity provided by the Commission's chart of accounts and
related accounting instructions permits comparability and financial
statement analysis of data provided by jurisdictional entities.
Comparability of data and financial statement analysis for a particular
entity from one period to the next, or between entities within the same
industry, would be difficult to achieve if each company maintained its
own accounting records using dissimilar accounting methods and
classifications to record similar transactions and events.
18. The benefits of a standardized and uniform accounting system
however, would not be realized if the financial information once
compiled were withheld from public view. To ensure that these benefits
are realized, and to provide transparency of economic consequences to
all affected interests, the Commission has prescribed a program of
periodic financial reporting that makes financial and non-financial
information publicly available to all interested parties.

B. Basic Financial Statements

19. Under existing regulations, jurisdictional entities subject to
the Uniform Systems of Accounts must annually file with the Commission
a complete set of financial statements, along with other selected
financial and non financial data through the submission of FERC Annual
Report Forms 1, 1-F, 2, 2-A, or 6.\12\ The basic financial statements
contained in the FERC Annual Report Forms are the Comparative Balance
Sheet, the Statement of Income, the Statement of Cash Flows, the
Statement of Retained Earnings, and the Statement of Accumulated
Comprehensive Income and Hedging Activities.
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\12\ See 18 CFR parts 141, 260, and 357.
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20. The Comparative Balance Sheet's primary focus is on the
financial position of the entity. This information is comprised of the
entity's assets, liabilities and equity. Assets represent the valuable
resources (e.g. probable future economic benefits) used by the entity.
The liabilities (e.g. probable future economic sacrifices) are the
obligations such as debt, accounts payable, and other amounts owed to
creditors and others. The equity section of the Comparative Balance
Sheet shows the other source of funds (e.g. common stock, preferred
stock, and retained earnings) that the entity used to acquire its
assets.
21. The equity section of the balance sheet is broadly divided into
three sections. One section shows the amounts of equity provided by
shareholders through the sale of common and preferred stock. A second
part shows the amount of earnings resulting from profitable operations
that have been retained by the entity commonly referred to as retained
earnings. The third section of equity reflects changes in the fair
value of certain assets and liabilities resulting from transactions and
events from nonowner sources. For example, this section shows the
changes in fair value of certain financial instruments due to changes
in the market price of those instruments, and changes in the fair value
of certain cash flow hedge transactions. This section of equity is
generally referred to as accumulated other comprehensive income and is
separately shown in the FERC Annual Report Forms in the Statement of
Accumulated Comprehensive Income and Hedging Activities schedule.\13\
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\13\ See 67 FR 67692 (Nov. 6, 2002), III FERC Statutes and
Regulations ]31,134 (Oct. 10. 2002).
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22. The Income Statement explains how income was earned during the
period and is prepared on the accrual

[[Page 40343]]

basis of accounting. Net income, which is essentially the difference
between revenues and expenses for the period, is added to retained
earnings on a periodic basis. The Income Statement's primary focus is
on the entity's financial performance or profitability.
23. The Statement of Cash Flows reports the inflow and outflow of
cash during the period. While the Income Statement focuses primarily on
profitability, the Statement of Cash Flows primarily focuses on
liquidity and solvency. Liquidity represents the ability of the entity
to meet its current obligations when due, while solvency represents its
ability to meet its long-term obligations. The Statement of Cash Flows
provides information about a company's ability to generate cash flows
in future periods, its capacity to meet obligations, its expected
external financing requirements, and how successful investment and
financing activities have been managed.
24. Additionally, jurisdictional entities include in the FERC
Annual Report Forms a Notes to the Financial Statement schedule which
provides additional explanations on the items and amounts reported in
the above mentioned financial statements. The Comparative Balance
Sheet, Statement of Income, the Cash Flow Statement, the Notes to the
Financial Statements, and other schedules contained in the FERC Annual
Reports are attested to by an officer of the company. Public utilities
and licensees, and natural gas companies also file an auditor's report
with the Commission certifying that the financial information contained
in the FERC Annual Report Forms conform in all material respects with
the requirements of Uniform Systems of Accounts and published
accounting releases. In addition to collecting financial information,
the FERC Annual Report Forms collect non-financial information about
the operations of the entity. These reports are considered non-
confidential in nature and therefore made available to the general
public.

C. Relevancy of Periodic Financial Information

25. The FERC Annual Report Forms provide the Commission, as well as
others, with an informative picture of the jurisdictional entities'
financial condition along with other relevant data that is used by the
Commission, as well as others, in making economic judgements about the
entity or its industry.
26. For financial information to be useful to the Commission, as
well as customers, investors and others it must be understandable,
relevant, reliable, and timely. As financial reporting has evolved over
the years, users of financial data have been willing to forgo some
precision in reliability for the ability to obtain the information on
more timely intervals, such as on a quarterly basis.
27. Quarterly financial reporting is not a new requirement for
public corporations.\14\ It began in 1902 when the United States Steel
Corporation first published quarterly financial information and by 1910
the New York Stock Exchange added quarterly financial reporting to its
listing requirements.\15\ Additionally, over the decades public
companies have been expanding their financial disclosures to meet the
needs of the user community.
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\14\ See President's Ten-Point Plan to Improve Corporate
Responsibility and Protect America's Shareholders issued on March 7,
2002. The first two points of the plan state that each investor
should have quarterly access to the information needed to judge a
firms financial performance, condition, and risks. Additionally,
each investor should have prompt access to critical information.
\15\ See Robert S. Kay and D. Gerald Searfoss, Handbook of
Accounting and Auditing (2nd ed. 1989).
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28.The trend toward more frequent and better financial disclosures
has increased in reaction to highly publicized corporate scandals,
business failures and the resulting losses incurred by investors and
others. In 2002 Congress passed the Sarbanes-Oxley Act, the most
important piece of recent legislation affecting corporate governance,
financial disclosure and the practice of public accounting.\16\ This
act requires public companies to disclose on a rapid and current basis
such additional information concerning material changes in the
financial condition or operations in plain English for the protection
of investors and the public. As a result of this legislation, dates for
periodic reporting of financial information have been accelerated, and
principle executive and financial officers must each attest to the
validity of the financial and other information contained in the
periodic reports, including information concerning off-balance sheet
arrangements, contingent obligations and comments and other significant
items.
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\16\ Supra Note 6.
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29. While some jurisdictional entities may file similar information
with the SEC, the level of detail concerning assets, liabilities,
stockholder's equity along with the revenues, expenses, gains and
losses is different for the Commission and the SEC. The financial
statements filed with the SEC are on a consolidated, or parent company
basis. The Commission notes that a majority of the jurisdictional
entities that it regulates file financial information with the SEC that
consolidates their assets, liabilities and profits with their parent
company, or combine the regulated and unregulated operations in the
reports to the SEC. While consolidation is appropriate for SEC
reporting, the Commission requires more detailed information concerning
the results of operations, and the financial position of each
jurisdictional entity in order to meet its regulatory needs. Therefore,
the Commission has required jurisdictional entities to file financial
information on a jurisdictional entity level basis using a uniform
system of accounts.
30. Although the Commission requires jurisdictional entities to
file financial information, a general weakness in this reporting
program has been the frequency with which the financial reports are
required. In a rapidly changing business environment, annual reporting
is simply insufficient. For financial information to be useful to the
Commission it must be collected on a more timely basis. In order to
improve the decision making of the Commission and other users of the
information, we are proposing quarterly reporting of financial and
financial related information.
31. Quarterly reporting of financial information will provide the
Commission, as well as customers, investors, and others with an
important tool to help identify emerging trends and issues affecting
jurisdictional entities within the energy industry. It will also
provide timely disclosures of the impacts that new accounting standards
or changes in existing standards have on jurisdictional entities, as
well as the economic effects of significant transactions, events, and
circumstances.
32. Furthermore, as the Commission considers implementing new
accounting standards it is important that the Commission have timely
financial data so that an appropriate assessment can be made of the
impact these changes have on jurisdictional entities. The use of
financial analytical tools and financial statements, together with the
disclosures made in the notes to the financial statements and the MD&A,
and other relevant data help staff, as well as, others to assess the
credit quality, liquidity, solvency, and the impact that regulatory
actions and economic events will have on jurisdictional entities.
33. Quarterly reporting will permit the Commission to better
understand trends and other factors that may affect an entity's
liquidity position, its commitments of capital expenditures, its
sources of financing, along with changes in the amount and types of

[[Page 40344]]

assets, liabilities, debt and equity used in its business.\18\
Transparent accounting and more frequent financial reporting play an
important role in achieving vigilant oversight of market participants.
More frequent financial reporting will provide needed insight into the
opportunities and risks facing the energy industry as the Commission
considers and assess the affects of its regulatory initiatives. The
Commission shares the view that quarterly reporting will enhance its
overall decision making process by providing more timely, useful and
relevant data to the decision making process. Therefore, the Commission
proposes that jurisdictional entities that are subject to the
Commission's Uniform System of Accounts and file a FERC Annual Report
Form 1, 1-F, 2, 2-A, or 6 also file quarterly financial statements and
related financial information as discussed below.

III. Discussion

A. General

34. The proposed changes will require the filing of quarterly
financial statements and certain supplemental information.
Additionally, the Commission proposes to update its existing FERC
Annual Reports filing requirements in response to the passage of the
Sarbanes-Oxley Act of 2002.\17\
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\17\ Supra note 6.
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B. Proposed Quarterly Financial Reports

35. The proposed changes will require certain forms currently filed
annually to be filed on a quarterly basis. The Commission proposes that
public utilities and licensees, and natural gas companies that file a
FERC Annual Report Forms 1, 1-F, 2 or 2-A, provide quarterly financial
and financial related information in the new FERC Form No. 3-Q,
Quarterly Financial Report of Electric Utilities, Licensees, and
Natural Gas Companies. Additionally, the Commission proposes that oil
pipeline companies that file FERC Annual Report Form No. 6 provide
quarterly financial and other information in the new FERC Form No. 6-Q,
Quarterly Financial Report of Oil Pipeline Companies. Although these
quarterly forms are new, most of the information contained in these
forms is the same information currently submitted on an annual basis.
Examples of the proposed quarterly report forms are provided in
Appendix A.
1. Set of Financial Statements and Other Selected Information
36. Under the proposed rule, public utilities and licensees,
natural gas companies and oil pipeline companies will be required to
file a set of financial statements on a quarterly basis. The financial
statements will be developed using the Commission's Uniform System of
Accounts and will be presented in a similar manner as those already
filed with the Commission on an annual basis. The financial statements
proposed to be included in the quarterly reports are the Comparative
Balance Sheet, the Statement of Income and Retained Earnings, the
Statement of Cash Flows, and the Statement of Other Comprehensive
Income and Hedging Activities. These statements will show the activity
for the current quarter as compared to the same quarter of the prior
year.
37. As part of collecting a complete set of financial statements,
the Commission is proposing to collect certain detailed information
already collected on an annual basis. This information includes
revenues and the related quantities sold or transported, the operating
and maintenance expenses, selected plant cost data, and regulatory
asset and liability data which has become more significant in recent
years. The quarterly reports will collect information on quantities and
volumes sold or transported as is currently collected in the annual
reports. Public utilities and licensees will report the amount of
megawatt hours sold, natural gas companies will report the amount of
dekatherms transported, and oil pipeline companies will report the
amount of barrels of crude oil and each kind of product delivered
during the period. This data will aid the Commission in monitoring the
business conditions and changing events in these industries. The
supplementary schedules will also provide the Commission, as well as
customers, investors, and others with valuable financial information on
more a timely basis, and allow for additional transparency into the
financial activities of the entity.
38. The table below summarizes the information that jurisdictional
public utilities and licensees, natural gas and oil pipeline companies
currently file with the Commission on an annual basis and will be filed
in the proposed quarterly report forms.

------------------------------------------------------------------------
Public
utilities Natural gas Oil pipeline
Schedules and companies companies
licensees
------------------------------------------------------------------------
1 Important Changes During Ö
Ö
Ö
the Period...................
2 Comparative Balance Sheet.. Ö
Ö
Ö
3 Statement of Income and Ö
Ö
Ö
Retained Earnings............
4 Statement of Cash Flows.... Ö
Ö
Ö
5 Statement of Accumulated Ö
Ö
Ö
Comprehensive Income and
Hedging Activities...........
6 Notes to the Financial Ö
Ö
Ö
Statements...................
7 Summary of Utility Plant Ö
Ö
Ö
and Accumulated Provisions
for Depre., Amort. and
Depletion....................
8 Electric Plant in Service Ö
(\1\) (\1\)
Not by Function..............
9 Accumulated Provision for Ö
Ö
Ö
Depreciation.................
10 Public Utility and Licensee Ö
(\1\) (\1\)
Revenues.....................
11 Natural Gas Company (\1\) Ö
(\1\)
Revenues.....................
12 Oil Pipeline Company (\1\) (\1\) Ö
Revenues.....................
13 Electric Prod., Other Power Ö
(\1\) (\1\)
Supply Exp., and Transmission
and Distribution Exp.........
14 Gas Production and Other (\1\) Ö
(\1\)
Gas Supply Exp...............
15 Natural Gas Storage, (\1\) Ö
(\1\)
Terminaling, Processing,
Transmission and Distribution
Expenses.....................
16 Oil Carrier Expenses....... (\1\) (\1\) Ö
17 Customer Accounts, Service, Ö
Ö
(\1\)
Sales, Administrative and
General Expenses.............
18 Other Regulatory Assets.... Ö
Ö
(\1\)
19 Other Regulatory Ö
Ö
(\1\)
Liabilities..................
20 Transmission of Electricity Ö
(\1\) (\1\)
for Others...................
21 Transmission of Electricity Ö
(\1\) (\1\)
by Others....................

[[Page 40345]]

22 Oil Barrels Delivered...... (\1\) (\1\) Ö
------------------------------------------------------------------------
\1\ Not applicable.

2. Management Discussion and Analysis
39. The Commission is proposing to include a new schedule to the
quarterly report entitled Management's Discussion and Analysis of
Financial Condition and Results of Operation (commonly referred to as
the ``MD&A''). The MD&A schedule is intended to be a forward looking
presentation of management's opinion regarding the probable impact of
current and future events on the operations of the company. The
reporting objectives of this new MD&A schedule are to disclose
information necessary for the users of the financial statements to
obtain an understanding of the company's financial condition and
results of operation. The proposed MD&A schedule should satisfy three
related objectives:
1. Provide a narrative explanation of the jurisdictional entity's
financial statements that enable the Commission and other users to view
the company from management's perspective;
2. Provide overall financial disclosure and provide the context
within which financial statements of the jurisdictional entity should
be analyzed; and
3. Provide information about the quality of, and potential
variability of, a jurisdictional entity's earnings and cash flow, so
the Commission, as well as other users, can ascertain the likelihood
that past performance is an indicator of future performance.
40. The MD&A is an important aspect in obtaining transparency in
financial reporting because it gives the users of financial information
an opportunity to monitor the company through the perspective of
management on both a short-term and long-term basis. The Commission
acknowledges that companies currently file an MD&A with the SEC on a
basis of consolidated operations. However, the Commission is proposing
to require an MD&A schedule on an individual jurisdictional entity
basis for both the quarterly and annual reports as further discussed
below.
41. The MD&A schedule will contain a description of events where
there is a known trend or uncertainty that is reasonably likely to have
a material effect on a jurisdictional company's operations. Management
will identify and evaluate current trends to determine the potential
impact on the company's operating results and financial position. The
Commission will benefit from the most relevant, useful and
understandable information regarding jurisdictional companies.
42. The MD&A schedule will include disclosures as they apply to the
reporting entity regarding the probable future impacts of regulatory
accounting policies; revenue recognition; asset impairment, including
goodwill and other intangible assets; environmental contingencies;
litigation contingencies; defined benefit pension plans and other post-
retirement benefit plans; cost capitalization policies; depreciation
expense; decommissioning; asset retirement obligations; self insurance;
unique ownership arrangements; guarantees and other assurances; leasing
arrangements; related party transactions; and energy trading and other
risk management.
43. This list is not intended to be an all inclusive or exhaustive
inventory of significant events. Other events that could potentially
positively or negatively impact its company, management must be
reported under the heading of other significant events.
3. Electric Transmission Peak Loads
44. The Commission is also proposing to obtain in the quarterly and
annual reports electric peak load information of the transmission
system including the respondent's own use of its transmission system.
This information will aid the Commission in evaluating the adequacy of
existing traditional cost-based rates.
4. Corporate Officers Certification
45. In reaction to the Sarbanes-Oxley Act of 2002, the Commission
is updating its corporate officer certification requirements.\18\ The
Corporate Officer's Certification Statement is a current requirement of
the FERC Annual Reports. The Commission is including the Corporate
Officer's Certification Statement as a requirement for the quarterly
reports.
---------------------------------------------------------------------------

\18\ Sarbanes-Oxley Act of 2002, Pub. L. No. 107-204, section
302, 116 Stat. 777 (2002). (codified at 15 U.S.C. 7241 (2000)).
---------------------------------------------------------------------------

46. The updated certification will require that principal executive
officer or officers and the principal financial officer or officers,
and persons performing similar functions, to certify that each officer
has reviewed the quarterly report form and the quarterly report does
not contain any untrue statement of material fact, is not misleading,
and fairly represents the financial condition of the company. In
addition, each officer will certify that they are responsible for
establishing and maintaining disclosure controls and procedures, and
have designed disclosure controls and procedures to ensure that
material information is made known to them. The officers will certify
that they have evaluated the effectiveness of the controls and
procedures within 90 days prior to the filing date. Each officer will
also certify that all significant deficiencies in the design or
operation of internal controls, any changes to internal controls, and
any fraud were disclosed to the company's auditors and the audit
committee. The proposed officer certification for public utilities and
licensees, natural gas companies and oil pipeline companies reads as
follows:
47. The undersigned officer(s) certifies that:
(1) I have reviewed this FERC Quarterly Financial Report.
(2) Based on my knowledge this report does not contain any untrue
statement of material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period
covered by this quarterly report.
(3) Based on my knowledge, the financial statements, and other
financial information included in this quarterly report, fairly
represent in all material respects the financial condition, results of
operations and cash flows of the respondent as of, and for the periods
presented in this quarterly report.
(4) I am responsible for establishing and maintaining internal
controls, and have designed such internal controls to ensure that
material information relating to the respondent and its subsidiaries is
made known to such officers by others within those entities, particular
during the period in which the periodic reports are being presented. I
have evaluated the effectiveness of the respondent's internal controls
as of a date within 90 days prior to the report, and have presented in
the report their conclusions about the effectiveness of

[[Page 40346]]

their internal controls based on their evaluation as of that date.
(5) I have disclosed to the respondent's auditors and the audit
committee of the board of directors and the audit committee of the
board of directors (or persons fulfilling the equivalent function) that
all significant deficiencies in the design or operation of internal
controls which could adversely affect the respondent's ability to
record, process, summarize and report financial data and have
identified for the respondent's auditors any material weaknesses in
internal controls; and any fraud, whether or not material, that
involves management or other employees who have a significant role in
the respondent's internal controls.
(6) I have indicated in this quarterly report whether or not there
were significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of
our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
5. CPA Review Letter
48. At this time the Commission is not requiring that companies
have the proposed quarterly report reviewed by a CPA. However, if a
company chooses to have the quarterly report reviewed by a CPA, the
company must submit the CPA review letter along with the quarterly
report to the Commission.
49. Presently there are significant differences between a CPA
``review'' report for interim financial statements and a CPA ``audit''
report for annual financial statements. A CPA review is substantially
less in scope than an audit, and the CPA does not express an opinion as
to whether the quarterly financial statements present fairly the
financial position of the company, or were prepared in accordance with
generally accepted accounting principles (GAAP). In contrast, an audit
includes selective examination of the evidence supporting the amounts
and disclosures in the financial statements, and includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.
50. While it is impractical to obtain an audit for interim
financial statements, companies may choose to have a review performed.
The Commission is of the view that the CPA review will aid in the
reliability of the financial and other information contained in the
quarterly report. However, since the CPA is not expressing an opinion
on the financial statements presented in the quarterly report, the
Commission at this time is not proposing to require companies to have a
CPA perform a review of the financial statements contained in the
quarterly reports. However, if the Quarterly Report Forms 3-Q and 6-Q
are reviewed by a CPA, the company must submit an original CPA review
letter to the Commission in accordance with the instructions contained
in the quarterly report forms.
6. Who Must File and When
51. The Commission proposes that jurisdictional entities that file
FERC Annual Report Forms 1, 1-F, 2, 2-A, or 6 will now be required to
submit the FERC Quarterly Forms 3-Q or 6-Q. The Commission proposes the
quarterly reports be filed using a phase-in approach.\19\
---------------------------------------------------------------------------

\19\ Sarbanes-Oxley Act of 2002, Pub. L. No. 107-204, Sec. 409,
116 Stat. 791 (2002) requires that companies disclose material
changes in financial condition and operations on a rapid and current
basis. In response, the SEC has established a phase-in approach for
accelerating the filing of SEC forms. The Commission proposes an
identical phase-in approach for the filing of FERC Quarterly Forms
and accelerating the filing of the FERC Annual Report Forms.
---------------------------------------------------------------------------

52. Quarterly reports will be filed 45 days after the end of the
quarter for quarters ending before December 15, 2004. Quarterly reports
will be filed 40 days after the end of the quarter for quarters ending
after December 15, 2004 and before December 15, 2005. Quarterly reports
will be filed 35 days after the end of the quarter for quarters ending
after December 15, 2005, as shown in the table below:

------------------------------------------------------------------------
FERC quarterly report filing due on or
Quarterly period covered before
------------------------------------------------------------------------
1 Covered 1/1/2004 through 3/31/ May 15, 2004
2004
2 4/1/2004 through 6/30/2004 August 14, 2004
3 7/1/2004 through 9/30/2004 November 14, 2004
4 1/1/2005 through 3/31/2005 May 10, 2005
5 4/1/2005 through 6/30/2005 August 9, 2005
6 7/1/2005 through 9/30/2005 November 9, 2005
7 Subsequent Quarters 35 days after the end of the quarter
------------------------------------------------------------------------

7. Update Delegations
53. Finally, the Commission proposes to update the delegations of
authority for the Chief Accountant. Under the proposed new delegations,
the Chief Accountant will accept delegated authority for accepting the
filing of the quarterly report forms when the filing is in compliance
with the Commission orders or decisions, or issue a deficiency letter
when the filing fails to comply with applicable statutory requirements.
Additionally, the proposed delegation will allow the Chief Accountant
to deny or grant requests for waiver of the accounting or reporting
requirements.

C. Proposed Changes to the FERC Annual Report Forms

54. In addition to adding quarterly reporting requirements, the
Commission proposes to update its annual reporting and disclosure
requirements by making conforming changes to certain schedules in the
FERC Annual Reports so that the information is better aligned with the
information collected in the quarterly reports.
55. The Commission also proposes to add a new schedule to the FERC
Form 1 and 1-F to collect financial information on the amount of
ancillary services purchased and sold during the year, update the
corporate officer's certification, accelerate the submission dates of
the FERC Annual Reports, allow the CPA certification to be filed
electronically, update the statistical classifications used by public
utilities and licensees to report transmission transactions, and other
minor reporting changes.
1. Fourth Quarter Financial Information
56. The Commission is proposing to make certain revisions to the
FERC Annual Reports to report fourth quarter financial data. The
Commission proposes to break out fourth quarter data in the income
statements contained in the FERC Annual Report Forms 1, 1-F, 2, 2-A,
and 6. This data will include the addition of two columns to the
Statement of Income for the Year. One column will include fourth
quarter data for the current year, and the second column will include
fourth quarter data from the prior year. This information will be
useful to the Commission for comparative purposes.
57. Currently, the Statement of Cash Flows is presented on a
comparative basis only in the FERC Annual Report Forms 2, 2-A and 6.
The Commission is proposing to revise the FERC Annual Report Forms 1
and 1-F to include a comparative Statement of Cash Flows to report
current year and prior year activity.
58. In addition, the Commission is proposing to report derivative
assets and liabilities as current or long-term asset and liabilities on
the Comparative Balance Sheet.

[[Page 40347]]

2. New Ancillary Service Schedule
59. The Commission proposes to add a new schedule to the FERC
Annual Report Forms 1 and 1-F to collect information on the amount of
ancillary services purchased and sold during the year. Under Order No.
888, ancillary services are now offered as part of open access
transmission tariffs. These services and related amounts have been
reported in an inconsistent manner in the annual reports. Therefore the
proposed change would add a new schedule to report the services by the
six types of ancillary services described in Order No. 888.\20\
Appendix B contains a sample of the proposed new schedule to collect
financial data related to ancillary services and the related
instructions.
---------------------------------------------------------------------------

\20\ See FERC Stats. & Regs., Regulations Preambles January
1991-1996, ]
31,036 (1996). See also Proforma OATT in Order No. 888,
Schedules 1-8 and Attachment F.
---------------------------------------------------------------------------

3. Update Corporate Officer Certification
60. In response to the Sarbanes-Oxley Act of 2002, the Commission
is updating its corporate officer certification requirements.\21\ The
Corporate Officer Certification Statement is not a new requirement. The
Commission is simply updating the current statement to reflect the
current economic environment. The corporate officer certification will
contain the same representations as the one previously discussed for
the proposed quarterly reports.
---------------------------------------------------------------------------

\21\ Supra note 6.
---------------------------------------------------------------------------

4. Acceleration of Annual Report Form Submission
61. The Commission proposes to accelerate the filing date for FERC
Annual Report Forms 1, 1-F, 2, 2-A, and 6.\22\ Using a phase-in
approach, the Commission proposes that all FERC Annual Report Forms be
filed within 75 days for the year ending on December 31, 2003.
Additionally, the Commission proposes that all FERC Annual Report Forms
be filed within 60 days for the year ending December 31, 2004, and each
subsequent year as shown in the table below:
---------------------------------------------------------------------------

\22\ Supra note 6.

------------------------------------------------------------------------
FERC annual report filing due on or
Calendar year ending before
------------------------------------------------------------------------
1 December 31, 2003 March 17, 2004
2 December 31, 2004 March 1, 2005
3 Each Year Thereafter March 1
------------------------------------------------------------------------

5. Changes to the CPA Certification Requirements
62. The Commission proposes to accelerate filing dates of the
current annual CPA Certification Statement and permit it to be filed
electronically. Under the existing Commission requirements,
jurisdictional public utilities, licensees and natural gas companies
may file their CPA certification letter 30 days after submission of the
FERC Annual Report. As part of the acceleration of the FERC Annual
Report Forms the Commission is also proposing to accelerate the filing
date of the annual CPA Certification Statement. The Commission proposes
that the CPA certification be filed electronically on the same date as
the FERC Annual Report. The CPA Certification Statement provides the
users of the annual financial statements with additional support
increasing the reliability of the financial and other information
contained in the form. Electronic filing of the CPA certification will
reduce the cost of submitting and maintaining the paper document, and
improve the accessibility of the document. Finally, for those companies
that continue to file a paper CPA Certification Statement, the
Commission proposes to accelerate the filing date of the paper CPA
Certification Statement from 30 days to 7 days after the FERC Annual
Reports are filed.
6. Miscellaneous
63. Finally, as part of the revisions to the FERC Annual Report
Forms 1 and 1-F, the Commission proposes to update the statistical
classifications billings resulting from the use of the transmission
system by others, and the use of the system for others to reflect open
access established by Order No. 888. The revised statistical
classifications are as follows:
FNS-for Firm Network Transmission Service for Self. ``Firm'' means
service that cannot be interrupted for economic reasons and is intended
to remain reliable even under adverse conditions. ``Network
Transmission Service'' is transmission service as described in Order
No. 888 and the Open Access Transmission Tariff.``Self'' means the
respondent. FNO-Firm Network Service for Others. ``Firm'' means that
service cannot be interrupted for economic reasons and is intended to
remain reliable even under adverse conditions. ``Network Service'' is
Network Transmission Service as described in Order No. 888 and the Open
Access Transmission Tariff.
LFP-for Long-Term Firm Point-to-Point Transmission Reservations.
``Long-term'' means 1 year or longer. ``Firm'' means that service
cannot be interrupted for economic reasons and is intended to remain
reliable even under adverse conditions, and ``Point-to-point
Transmission Reservations'' are described in Order No. 888 and the Open
Access Transmission Tariff. For all transactions identified as LFP,
provide in a footnote the termination date of the contract defined as
the earliest date either buyer or seller can unilaterally cancel the
contract.
OLF-for Other Long-Term Firm Transmission Service. ``Long-term''
means 1 year or longer. This is service provided under contracts which
do not conform to the terms of the Open Access Transmission Tariff.
``Firm'' means that service cannot be interrupted for economic reasons
and is intended to remain reliable even under adverse conditions. For
all transactions identified as OLF, provide in a footnote the
termination date of the contract defined as the earliest date either
buyer or seller can unilaterally get out of the contracts.
SFP-for Short-Term Firm Point-to-Point Transmission Reservations.
This proposed classification is used for all firm point-to-point
transmission reservations, where the duration of each period of
reservation is less than 1 year.
NF-for Non-Firm Transmission Service, where ``Non-firm'' means
service that cannot be interrupted for economic reasons or reliability
reasons.
OS-for Other Transmission Service, where ``Firm'' means service
that cannot be interrupted for economic reasons and is intended to
remain reliable even under adverse conditions.
AD-for Out-of-Period Adjustments. Use this code for any accounting
adjustments or ``true-ups'' for service provided in prior reporting
periods. Provide an explanation in a footnote for each adjustment.

IV. Regulatory Flexibility Act Statement

64. The Regulatory Flexibility Act (RFA) requires agencies to
prepare certain statements, descriptions, and analyses of proposed
rules that will have a significant economic impact on a substantial
number of small entities. \23\ The Commission is not required to make
such analyses if a rule would not have such an effect.
---------------------------------------------------------------------------

\23\ 5 U.S.C. 601-612.
---------------------------------------------------------------------------

65. The Commission concludes that this rule would not have such an
impact on small entities. Most filing companies regulated by the
Commission do not fall within the RFA's definition of a small

[[Page 40348]]

entity.\24\ As previously mentioned, the Commission concludes that this
reporting would not be a significant burden to industry since the
information is already being captured by their accounting systems and
generally being reported to shareholders and others at a company, or at
a consolidated business level. However, if the reporting requirements
represent an undue burden on small businesses, the entity affected may
seek a waiver of the disclosure requirements from the Commission.
---------------------------------------------------------------------------

\24\ 5 U.S.C. 601(3), citing to section 3 of the Small Business
Act, 15 U.S.C. 632. Section 3 of the Small Business Act defines a
``small-business concern'' as a business which is independently
owned and operated and which is not dominant in its field of
operation.
---------------------------------------------------------------------------

V. Environmental Analysis

66. 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.\25\ No
environmental consideration is raised by the promulgation of a rule
that is procedural or does not substantially change the effect of
legislation or regulations being amended.\26\ The proposed rule updates
the Parts 141, 260, 357 and 375 of the Commission's regulations, and
does not substantially change the effect of the underlying legislation
or the regulations being revised or eliminated. Accordingly, no
environmental consideration is necessary.
---------------------------------------------------------------------------

\25\ Order No. 486, Regulations Implementing the National
Environmental Policy Act, 52 FR 47897 (Dec. 17, 1987), FERC Stats. &
Regs. Preambles 1986-1990 ]
30,783 (1987).
\26\ 18 CFR 380.4(a)(2)(ii).
---------------------------------------------------------------------------

VI. Information Collection Statement

67. The following collections of information contained in this
proposed rule have been submitted to the Office of Management and
Budget (OMB) for review under Sec. 3507(d) of the Paperwork Reduction
Act of 1995, 44 U.S.C. 3507(d). Comments are solicited on the
Commission's need for this information, whether the information will
have practical utility, the accuracy of provided burden estimates, ways
to enhance the quality, utility, and clarity of the information to be
collected, and any suggested methods for minimizing respondent's
burden, including the use of automated information techniques.

Estimated Annual Burden

68. The Commission estimates that on average it will take
respondents 24 hours to comply with the proposed requirements. This
will result in total hours for the following collections of
information:

----------------------------------------------------------------------------------------------------------------
Number of Total annual
Data collection form (a) respondents Number of Filing periods hours
(b) hours (c) (d) (e)=(b)x(c)x(d)
----------------------------------------------------------------------------------------------------------------
1 FERC Form 3-Q................................ 331 24 3 23,832.0
2 FERC Form 6-Q................................ 159 24 3 11,448.0
3 FERC Form 1.................................. 216 1 1 216.0
4 FERC Form 17-F............................... 26 1 1 26.0
5 FERC Form 2.................................. 57 \1/2\ 1 28.5
6 FERC Form 2-A................................ 53 \1/2\ 1 26.5
7 FERC Form 6.................................. 159 \1/2\ 1 79.5
8 Totals....................................... .............. .............. .............. 35,656.5
----------------------------------------------------------------------------------------------------------------

Total Annual Hours for Collection

(Reporting + Recordkeeping, (if appropriate)) = 35,656.5 hours.

* This estimate is based on an average of 24 hours per respondent
for recordkeeping purposes.
69. OMB's regulations require it to approve certain information
collection requirements imposed by agency rule. The Commission is
submitting notification of this proposed rule to OMB.\27\
---------------------------------------------------------------------------

\27\ 5 CFR 1320.11.
---------------------------------------------------------------------------

Title:

FERC Form No. 1, Annual Report of Major Electric Utilities, Licensees,
and Others;
FERC Form No. 1-F, Annual Report for Non-Major Public Utilities and
Licensees;
FERC Form No. 2, Annual Report for Major Natural Gas Companies;
FERC Form No. 2-A, Annual Report for Non-Major Natural Gas Companies;
FERC Form No. 3-Q, Quarterly Financial Report of Electric Utilities,
Licensees, and Natural Gas Companies;
FERC Form No. 6, Annual Report for Oil Pipeline Companies;
FERC Form No. 6-Q, Quarterly Financial Report of Oil Pipeline
Companies.

Action: Proposed Collections.
OMB Control No.: To be determined.
Respondents: Business or other for profit.
Frequency of Responses: Quarterly.
Necessity of the Information: The proposed rule would revise the
Commission's reporting requirements to improve financial transparency
for jurisdictional companies. Transparent reporting of financial
information and better financial disclosures proposed in this rule will
help the Commission identify emerging trends and issues affecting
energy companies, and thus provide more vigilant oversight of the
regulated companies. The improved transparency brought about by more
frequent financial reporting will help restore investor confidence in
the energy industry.
70. Quarterly reporting of financial information will provide the
Commission with an important tool to timely identify issues affecting
jurisdictional entities within the energy industry. It will aid the
Commission in assessing the economic consequences of transactions and
events on jurisdictional entities, measuring the effects of regulatory
initiatives, evaluating the adequacy of existing traditional cost-based
rates, and aid in the development of needed changes to existing
regulatory initiatives.
71. Although the Commission currently requires jurisdictional
entities to file financial information on an annual basis, a general
weakness in this reporting program has been the frequency with which
these reports are required. In a rapidly changing business environment,
annual reporting is simply insufficient. For financial information to
be useful to the Commission it must be collected on a more timely
basis.
72. Internal Review: The Commission has reviewed the requirements
pertaining to the Uniform Systems of Accounts and to the financial
reports it prescribes and determined the proposed revisions are
necessary to obtain more timely, relevant, reliable and understandable
financial information from major participants in the energy market.
More frequent reporting of financial information will provide the

[[Page 40349]]

Commission and the investing public with an important tool to help
identify emerging trends, business conditions, and issues affecting
jurisdictional entities within the energy industry. The Commission has
assured itself, by means of internal review, that there is specific,
objective support for the burden estimates associated with the
information requirements.
73. 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 Executive Director, Phone: (202) 502-
8415, fax: (202) 208-2425, e-mail: michael.miller@ferc.gov)
74. For submitting comments concerning the collections of
information and the associated burden estimate(s), please send your
comments to the contact listed above and to the Office of Management
and Budget, Office of Information and Regulatory Affairs, 725 17th
Street, NW., Washington, DC 20503 (Attention: Desk Officer for the
Federal Energy Regulatory Commission, phone (202) 395-7318, fax: (202)
395-7285).

VII. Comment Procedures

75. The Commission invites all interested persons to submit
comments on the matters and issues proposed in this notice to be
adopted, including any related matters or alternative proposals that
commenters may wish to discuss. Comments are due August 6, 2003.
Comments must refer to Docket No. RM03-8-000, and must include the
commenter's name, the organization they represent, if applicable, and
their address in the comments. Comments may be filed either in
electronic or paper format.
76. 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 send an original and 14 copies of their comments to: Federal
Energy Regulatory Commission, Office of the Secretary, 888 First Street
NE., Washington, DC 20426.
77. 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 on this proposal are
not required to serve copies of their comments on other commenters.

VIII. Document Availability

78. 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 on the Commission's Web site at http://www.ferc.gov and in
FERC'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.
79. From FERC's Home page on the Internet, this information is
available in the Federal Energy Regulatory Records Information System
(FERRIS). The full text of this document is available on FERRIS in PDF
and WordPerfect format for viewing, printing, and/or downloading. To
access this document in FERRIS, type the docket number excluding the
last three digits of this document in the docket number field.
80. User assistance is available for FERRIS and the FERC's Web site
during normal business hours by contacting FERC Online Support by e-
mail at FERCOnlineSupport@ferc.gov or by telephone at 866-208-3676
(toll free), or for TTY, contact (202) 502-8659.

List of Subjects

18 CFR Part 141

Electric power, Reporting and recordkeeping requirements.

18 CFR Part 260

Natural gas, Reporting and recordkeeping requirements.

18 CFR Part 357

Pipelines, Reporting and recordkeeping requirements, Uniform System
of Accounts.

18 CFR Part 375

Authority delegations (Government agencies).

By direction of the Commission.
Magalie R. Salas,
Secretary.
In consideration of the foregoing, the Commission proposes to amend
parts 141, 260, 357 and 375, Chapter I, Title 18, Code of Federal
Regulations, as follows:

PART 141--STATEMENTS AND REPORTS (SCHEDULES)

1. The authority citation for part 141 continues to read as
follows:

Authority: 15 U.S.C. 79; 16 U.S.C. 791a-828c, 2601-2645; 31
U.S.C. 9701; 42 U.S.C. 7101-7352.

2. In Sec. 141.1, paragraph (b)(2) is revised to read as follows:

Sec. 141.1 FERC Form No. 1, Annual report of Major electric
utilities, licensees, and others.

* * * * *
(b) Filing requirements. * * *
(2) When to file and what to file: This report shall be filed as
follows:
(i) The annual report for the year ending December 31, 2003, will
be filed on March 17, 2004.
(ii) The annual report for the year ending December 31, 2004, will
be filed on March 1, 2005.
(iii) The annual report for each year thereafter will be filed on
March 1 of the subsequent year.
(iv) This report must be filed with the Federal Energy Regulatory
Commission as prescribed in Sec. 385.2011 of this chapter and as
indicated in the General Instructions set out in this form, and must be
properly completed and verified. Filing on electronic media pursuant to
Sec. 385.2011 of this chapter is required.
3. In Sec. 141.2, paragraph (b)(2) is revised as follows:

Sec. 141.2 FERC Form No. 1-F, Annual report for Nonmajor public
utilities and licensees.

* * * * *
(b) Filing requirements. * * *
(2) When to file: This report shall be filed as follows:
(i) The annual report for the year ending December 31, 2003, will
be filed on March 17, 2004.
(ii) The annual report for the year ending December 31, 2004, will
be filed on March 1, 2005.
(iii) The annual report for each year thereafter will be filed on
March 1 of the subsequent year.
4. Section 141.400 is added to read as follows:

Sec. 141.400 FERC Form No. 3-Q, Quarterly financial report of
electric utilities, licensees, and natural gas companies.

[[Page 40350]]

engaged in generation, transmission, distribution, or sale of electric
energy, however produced, throughout the United States and its
possessions, having sales or transmission service, whether or not the
jurisdiction of the Commission is otherwise involved, shall prepare and
file with the Commission FERC Form 3-Q pursuant to the General
Instructions set out in that form.
(ii) Exceptions. This report form is not prescribed for any agency,
authority or instrumentality of the United States, nor is it prescribed
for municipalities as defined in section 3 of the Federal Power Act;
(i.e., a city, county, irrigation district, or other political
subdivision or agency of a State competent under the laws thereof to
carry on the business of developing, transmitting, utilizing, or
distributing power).
(2) When to file and what to file. This quarterly report form must
be filed as follows:
(i) The quarterly report for the period January 1 through March 31,
2004, must be filed on or before May 15, 2004.
(ii) The quarterly report for the period April 1 through June 30,
2004, must be filed on or before August 14, 2004.
(iii) The quarterly report for the period July 1 through September
30, 2004, must be filed on or before November 14, 2004.
(iv) The quarterly report for the period January 1 through March
31, 2005, must be filed on or before May 10, 2005.
(v) The quarterly report for the period April 1, 2005 through June
30, 2005, must be filed on or before August 9, 2005.
(vi) The quarterly report for the period July 1, 2005 through
September 30, 2005, must be filed on or before November 9, 2005.
(vii) The quarterly report for the period January 1 through March
31, 2006, must be filled on or before May 5, 2006.
(viii) Subsequent quarterly reports must be filed within 35 days
from the end of the reporting quarter.
(ix) This report must be filed as prescribed in Sec. 385.2011 of
this chapter and as indicated in the general instructions set out in
the quarterly report form, and must be properly completed and verified.
Filing on electronic media pursuant to Sec. 385.2011 of this chapter
will be required commencing with the reporting quarter ending March 31,
2004, due on or before May 15, 2004.

PART 260--STATEMENTS AND REPORTS (SCHEDULES)

5. The authority citation for part 260 continues to read as
follows:

Authority: 15 U.S.C. 717-717w, 3301-3432; 42 U.S.C. 7101-7352.
6. In Sec. 260.1, paragraph (b) is revised as follows:

Sec. 260.1 FERC Form No. 2, Annual report for Major natural gas
companies.

* * * * *
(b) Filing requirements. Each natural gas company, as defined by
the Natural Gas Act (15 U.S.C. 717, et seq.) which is a major company
(a natural gas company whose combined gas transported or stored for a
fee exceed 50 million Dth in each of the three previous calender years)
must prepare and file with the Commission, as follows:
(1) The annual report for the year ending December 31, 2003 will be
filed on March 17, 2004.
(2) The annual report for the year ending December 31, 2004 will be
filed on March 1, 2005.
(3) The annual report for each year thereafter will be filed on
March 1 of the subsequent year.
(4) Newly established entities must use projected data to determine
whether FERC Form No. 2 must be filed.
(5) The form must be filed in electronic format only, as indicated
in the general instructions set out in that form. The format for the
electronic filing can be obtained at the Federal Energy Regulatory
Commission, Division of Information Services, Public Reference and
Files Maintenance Branch, Washington, DC 20426. One copy of the report
must be retained by the respondent in its files.
7. In Sec. 260.2, paragraph (b) is revised to read as follows:

Sec. 260.2 FERC Form No. 2-A, Annual reports for Nonmajor natural gas
companies.

* * * * *
(b) Filing requirements: Each natural gas company, as defined by
the Natural Gas Act, not meeting the filing threshold for FERC Form No.
2, but having total gas sales or volume transactions exceeding 200,000
Dth in each of the three previous calendar years, must prepare and file
with the Commission as follows:
(1) The annual report for the year ending December 31, 2003, will
be filed on March 17, 2004.
(2) The annual report for the year ending December 31, 2004, will
be filed on March 1, 2005.
(3) The annual report for each year thereafter will be filed on
March 1 of the subsequent year.
(4) Newly established entities must use projected data to determine
whether FERC Form No. 2-A must be filed.
(5) This report must be filed as prescribed in Sec. 385.2011 of
this chapter and as indicated in the general instructions set out in
the quarterly report form, and must be properly completed and verified.
Filing on electronic media pursuant to Sec. 385.2011 of this chapter
will be required commencing with the reporting quarter ending March 31,
2004, due on or before May 15, 2004. One copy of the report must be
retained by the respondent in its files.
8. Section 260.300 is added to read as follows:

Sec. 260.300 FERC Form No. 3-Q, Quarterly financial report of
electric utilities, licensees, and natural gas companies.

(a) Prescription. The Form of Quarterly Report of electric
utilities, licensees, and natural gas companies, designated herein as
FERC Form No. 3-Q, is prescribed for the reporting quarter ending March
31, 2004, and each quarter thereafter.
(b) Filing requirements. (1) Who must file. Each natural gas
company, (as defined in the Natural Gas Act (15 U.S.C. 717, et seq.)
must prepare and file with the Commission a FERC Form No. 3-Q.
(2) When to file and what to file. This quarterly report form must
be filed as follows:
(i) The quarterly report for the period January 1 through March 31,
2004, must be filed on or before May 15, 2004.
(ii) The quarterly report for the period April 1 through June 30,
2004, must be filed on or before August 14, 2004.
(iii) The quarterly report for the period July 1 through September
30, 2004, must be filed on or before November 14, 2004.
(iv) The quarterly report for the period January 1 through March
31, 2005, must be filed on or before May 10, 2005.
(v) The quarterly report for the period April 1, 2005 through June
30, 2005, must be filed on or before August 9, 2005.
(vi) The quarterly report for the period July 1, 2005 through
September 30, 2005, must be filed on or before November 9, 2005.
(vii) The quarterly report for the period January 1 through March
31, 2006, must be filed on or before May 5, 2006.
(viii) Subsequent quarterly reports must be filed within 35 days
from the end of the reporting quarter.
(ix) This report must be filed as prescribed in Sec. 385.2011 of
this chapter and as indicated in the general instructions set out in
the quarterly report form, and must be properly completed and verified.
Filing on

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electronic media pursuant to Sec. 385.2011 of this chapter will be
required commencing with the reporting quarter ending March 31, 2004,
due on or before May 15, 2004. One copy of the report must be retained
by the respondent in its files.

PART 357--ANNUAL SPECIAL OR PERIODIC REPORTS: CARRIERS SUBJECT TO
PART I OF THE INTERSTATE COMMERCE ACT

9. The authority citation for part 357 continues to read as
follows:

Authority: 42 U.S.C. 7101-7352; 49 U.S.C. 60502; 49 App. U.S.C.
1-85 (1988).

10. In Sec. 357.2, paragraph (b) is revised as follows:

Sec. 357.2 FERC Form No. 6, Annual report of oil pipeline companies.

* * * * *
(b) When to file: This report shall be filed as follows:
(1) The annual report for the year ending December 31, 2003, will
be filed on March 17, 2004.
(2) The annual report for the year ending December 31, 2004, will
be filed on March 1, 2005.
(3) The annual report for each year thereafter will be filed on
March 1 of the subsequent year.
* * * * *
11. Section 357.4 is added to read as follows:

Sec. 357.4 FERC Form No. 6-Q, Quarterly Report of Oil Pipeline
Companies.

(a) Prescription. The Form of Quarterly Report of oil pipeline
companies, designated herein as FERC Form No. 6-Q, is prescribed for
the reporting quarter ending March 31, 2004, and each quarter
thereafter.
(b) Filing requirements. (1) Who must file. Each oil pipeline
company, subject to the provisions of section 20 of the Interstate
Commerce Act must prepare and file with the Commission a FERC Form No.
6-Q.
(2) When to file and what to file. This quarterly report form must
be filed as follows:
(i) The quarterly report for the period January 1 through March 31,
2004, must be filed on or before May 15, 2004.
(ii) The quarterly report for the period April 1 through June 30,
2004, must be filed on or before August 14, 2004.
(iii) The quarterly report for the period July 1 through September
30, 2004, must be filed on or before November 14, 2004.
(iv) The quarterly report for the period January 1 through March
31, 2005, must be filed on or before May 10, 2005.
(v) The quarterly report for the period April 1, 2005 through June
30, 2005, must be filed on or before August 9, 2005.
(vi) The quarterly report for the period July 1, 2005 through
September 30, 2005, must be filed on or before November 9, 2005.
(vii) The quarterly report for the period January 1 through March
31, 2006, must be filed on or before May 5, 2006.
(viii) Subsequent quarterly reports must be filed within 35 days
from the end of the reporting quarter.
(ix) This report must be filed as prescribed in Sec. 385.2011 of
this chapter and as indicated in the general instructions set out in
the quarterly report form, and must be properly completed and verified.
Filing on electronic media pursuant to Sec. 385.2011 of this chapter
will be required commencing with the reporting quarter ending March 31,
2004, due on or before May 15, 2004.

PART 375--THE COMMISSION

12. The authority citation for part 375 continues to read as
follows:

Authority: 5 U.S.C. 551-557; 15 U.S.C. 717-717w, 3301-3432; 16
U.S.C. 791-825r, 2601-2645; 42 U.S.C. 7101-7352.

13. In Sec. 375.303, paragraphs (d) and (e) are added to read as
follows:

Sec. 375.303 Delegations to the Chief Accountant.

* * * * *
(d) Accept for filing Quarterly Report Form Nos. 3-Q and 6-Q if
such filings are in compliance with Commission orders or decisions, and
when appropriate, notify the party of such acceptance. Issue and sign
deficiency letters if the filing fails to comply with applicable
statutory requirements, and with all applicable Commission rules,
regulations, and orders for which a waiver has not been granted.
(e) Deny or grant, in whole or in part, requests for waiver of the
reporting requirements for the forms under Sec. Sec. 141.400, 260.300,
and 357.400 of this chapter and the filing of these forms on electronic
media under Sec. 385.2011 of this chapter.

Note: The following appendices will not appear in the Code of
Federal Regulations.

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[FR Doc. 03-16811 Filed 7-3-03; 8:45 am]
BILLING CODE 6717-01-C

Notices For
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994

Quarterly Financial Reporting and Revisions to the Annual Reports June 26, 2003.

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