FERC Form No. 552, Annual Report of Natural Gas Transactions

Forms and Documents

Document Name	Status
Form FERC Form No. 552 Annual Report of Natural Gas Transactions Form and Instruction	Modified
FERC-552 30-day notice (published).pdf Supplementary Document	2021-07-22
FERC-552 30-day notice-Final (issued).docx Supplementary Document	2021-07-22
FERC-552 supporting statement-Final.docx Supporting Statement A	2021-07-22
FERC-552 60-day notice (published).pdf Supplementary Document	2021-07-22
FERC-552 60-day notice (issued).docx Supplementary Document	2021-07-22
552_18CFR260-401.docx Supplementary Document	2021-07-22
EPAct 2005.pdf Supplementary Document	2021-07-22
15 USC 717 a-z.pdf Supplementary Document	2021-07-22

IC Document Collections

IC ID	Document Title	Status
183286	Annual Report of Natural Gas Transactions Form and Instruction	Modified

ICR Details

OMB Control No: 1902-0242	ICR Reference No: 202107-1902-017
Status: Received in OIRA	Previous ICR Reference No: 201806-1902-009
Agency/Subagency: FERC	Agency Tracking No: FERC Form No. 552
Title: FERC Form No. 552, Annual Report of Natural Gas Transactions
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/26/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2021
Responses	688	675
Time Burden (Hours)	13,760	13,500
Cost Burden (Dollars)	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 15 USC 717t-2 Name of Law: Natural Gas Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 26022	05/12/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 38709	07/22/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Annual Report of Natural Gas Transactions	FERC Form No. 552	Annual Report of Natural Gas Transactions

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ICR Summary of Burden

	Total Request	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	688	675	0	0	13	0
Annual Time Burden (Hours)	13,760	13,500	0	0	260	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: the number of respondents has increased due to staff compliance measures.

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Annual Cost to Federal Government: $92,639

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 07/26/2021

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