FERC Proposes New Financial Reporting Requirements

Jumping on the bandwagon of corporate accountability, financial transparency, and timeliness of reporting of significant developments, the Federal Energy Regulatory Commission ("FERC") on June 25, 2003 proposed sweeping new reporting requirements for FERC-regulated entities. If adopted, the new rule would require quarterly reporting of financial and operating data by public utilities and pipeline companies, the reporting of fourth quarter financial data, adding a management's discussion and analysis schedule, allowing the submission of accountant’s certifications electronically, updating the officer's certification, and accelerating the filing dates. Public comments on the proposed rule are due no later than August 6, 2003.