FERC-552, Annual Report of Natural Gas Transactions

ICR 201508-1902-003

OMB: 1902-0242

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2015-08-17
Supplementary Document
2015-08-17
Supplementary Document
2015-08-07
Supplementary Document
2015-08-07
Supplementary Document
2015-08-07
Supplementary Document
2012-06-13
Supplementary Document
2012-06-13
IC Document Collections
ICR Details
1902-0242 201508-1902-003
Historical Active 201206-1902-001
FERC FERC-552
FERC-552, Annual Report of Natural Gas Transactions
Extension without change of a currently approved collection   No
Regular
Approved without change 12/22/2015
Retrieve Notice of Action (NOA) 08/17/2015
Pursuant to 5 CFR 1320 and the Paperwork Reduction Act, OMB approves this collection for three years.
  Inventory as of this Action Requested Previously Approved
12/31/2018 36 Months From Approved 12/31/2015
666 0 691
6,660 0 6,910
0 0 0

The FERC Form 552 provides greater transparency concerning the use of indices to price natural gas and how well index prices reflect market forces. Many market participants rely on indices to reference market prices without acquiring the risks of active trading. However, the Commission discovered that there was insufficient information available to the Commission and market participants in order to assess whether the gas indices are derived from a robust market of fixed-price transactions and, thus, accurately reflect market forces. For example, there was no way to determine the volumetric relationships between (a) the fixed-price, next day and next month delivery transactions that form gas price indices; and (b) transactions that use indices. The annual filing of transaction information by market participants is necessary to provide information regarding the size of the physical natural gas market, the use of the natural gas spot markets and the use of fixed- and indexed- price transactions. Without the most basic information about these volumetric relationships, the Commission has been hampered in its oversight and its ability to assess the adequacy of price-forming transactions. Market participants are likewise unable to evaluate their use of indexed transactions. Typically, market participants rely on index-priced transactions as a way to reference market prices without taking on the risks of active trading. These market participants rely on index prices, often whether or not those prices are derived from a robust market of fixed-price transactions.

US Code: 15 USC 717t-2 Name of Law: Natural Gas Act
  
None

Not associated with rulemaking

  80 FR 20217 04/15/2015
80 FR 46268 08/04/2015
No

1
IC Title Form No. Form Name
Annual Report of Natural Gas Transactions 552 FERC Transaction Report, FERC Form No. 552: Annual Report of Natural Gas Transactions

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 666 691 0 0 -25 0
Annual Time Burden (Hours) 6,660 6,910 0 0 -250 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$5,193
No
No
No
No
No
Uncollected
Astrid Rapp 202 502-6264

  No

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.
08/17/2015


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