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Important Annual FERC Reporting Requirements Are Approaching

March 6, 2009

FERC's New Annual Report of Natural Gas Purchases and Sales Due May 1 

Interlocking Directorate Filings Due April 30

Two important annual reporting requirements of the Federal Energy Regulatory Commission (FERC) have deadlines that are quickly approaching, and entities should review the criteria associated with these reporting requirements to determine if these reports must be filed.

First, FERC's new reporting requirement for annual natural gas purchases and sales, referred to as FERC Form No. 552, is required to be submitted to FERC by May 1, 2009. This new reporting requirement obligates many companies that were not subject to prior FERC reporting requirements to now submit data surrounding their purchases and sales of gas to FERC each calendar year. FERC's Form No. 552 is very expansive and applies to most entities that purchase or sell gas in interstate commerce (one of the limited exclusions being for entities only making end-use purchases). The scope of the information required by Form No. 552 increases in the event natural gas sales or purchases exceed 2.2 million MMBtus for the calendar year. The wide net FERC has cast in establishing the criteria of Form No. 552 means that many entities will be subject to FERC's reporting requirements and obligations for the first time.

Second, FERC's annual Form No. 561 Interlocking Directorate filings are due April 30, 2009. FERC Form No. 561 requires all persons that have authorization from FERC to serve in interlocking positions as an officer or director of: (1) more than one public utility; (2) a public utility and an entity authorized by law to underwrite or market securities of a public utility; or (3) a public utility and a company supplying electrical equipment to that public utility company, among other positions, to make annual informational filings with FERC indicating the positions they hold. FERC also generally requires individuals seeking to hold interlocking directorate positions of the type described above to obtain regulatory authorization prior to assuming the interlocking positions. Through its enforcement of these requirements, FERC has gone so far as to require individuals to resign from their interlocking positions to the extent they fail to follow FERC's procedures.