Quarterly Financial Report of Electric
Utilities, Licensees, and Natural Gas Companies," requires
companies to file with the Commission a complete set of quarterly
financial statements. Most of the information contained in these
forms is the same information currently submitted on an annual
basis. Quarterly reporting of financial information permits 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 of assets, liabilities, debt and equity used in its
business. Transparent accountings and more frequent financial
reporting play an important role in achieving vigilant oversight of
market participants. More frequent financial reporting provides
needed insight into the opportunities and risks facing the energy
industry as the Commission considers and assesses the affects of
its regulatory initiatives. The Commission shares the view that
quarterly reporting enhances its overall decision making process by
providing more timely, useful and relevant data to the decision
making process. On March 21, 2008, the Commission issued a Final
Rule in Docket No. RM07-9-000 regarding "Revisions to Forms,
Statement and Reporting Requirements for Natural Gas Pipelines."
The purpose of the Final Rule is to improve the forms, reports and
statements to provide, in greater detail, the information the
Commission needs to carry out its responsibilities under the
Natural Gas Act (NGA) to ensure that rates are just and reasonable,
and to provide pipeline customers, state commissions, and the
public the information they need to assess the justness and
reasonableness of pipeline rates.
The information maintained and
collected under the requirements of Part 260 is essential to the
Commissions oversight duties. The data now reported in the forms
does not provide sufficient information to the Commission and the
public to permit an evaluation of the filers jurisdictional rates.
Since the triennial restatement of rates requirement was abolished
and pipelines are no longer required to submit this information,
the need for current and relevant data is greater than in the past.
The information collection proposed in the Final Rule will increase
the forms usefulness to both the public and the Commission.
Without this information, it is difficult for the Commission and
the public to perform an assessment of pipeline costs, and thereby
help to ensure that rates are just and reasonable. The Commission
has determined that dependable, affordable, competitive wholesale
energy markets require an adequate infrastructure, balanced market
rules, and vigilant oversight. This proposed rule helps in
achieving the goal of vigilant oversight by providing the
Commission with more timely, relevant, reliable and understandable
information from jurisdictional participants in the energy
markets.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form FERC-3Q Quarterly Financial Report of Electric Utilities, Licensees, and Natural Gas Companies,
OMB Just. RM07.9.doc
Quarterly Financial Report of Electric Utilities, Licensees, and Natural Gas Companies,