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ARTICLE · 04 AUGUST 2003

FERC Issues Rule Regulating Utility Inter-Company Financing Transactions

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United StatesEnergy and Natural Resources
William Harmon
William Harmon
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Finalizing financial transparency rules proposed in August 2002, the Federal Energy Regulatory Commission ("FERC") adopted on June 25, 2003 requirements for FERC-regulated entities to maintain specified documentation of cash management or "money pool" programs. FERC did not adopt a controversial provision that would have banned inter-company borrowings if the FERC-regulated entity’s proprietary capital ratio fell below 30 percent or if the FERC-regulated entity and its parent did not maintain investment grade credit ratings. Instead, FERC has asked for comments on a new proposal to require jurisdictional entities to make prompt public reports of changes in their capital ratio above or below the 30 percent level.

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