OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

Quarterly Financial Report of Electric Utilities, Licensees, and Natural Gas Companies,

ICR 200810-1902-007 · OMB 1902-0205 · Historical Active

Forms and Documents
Document
Name
Status
Form
 Modified
Supporting Statement A
2008-10-17
IC Document Collections
IC ID
Document
Title
Status
23250 Modified
ICR Details
1902-0205 200810-1902-007
Historical Active 200804-1902-008
FERC FERC Form 3-Q
Quarterly Financial Report of Electric Utilities, Licensees, and Natural Gas Companies,
Revision of a currently approved collection   No
Regular
Approved without change 01/15/2009
Retrieve Notice of Action (NOA) 10/17/2008
  Inventory as of this Action Requested Previously Approved
01/31/2012 10/31/2011 10/31/2011
1,074 0 1,071
177,177 0 176,087
0 0 0
Quarterly Financial Report of Electric Utilities, Licensees, and Natural Gas Companies," requires companies to file with the Commission a complete set of quarterly financial statements. Most of the information contained in these forms is the same information currently submitted on an annual basis. Quarterly reporting of financial information permits the Commission to better understand trends and other factors that may affect an entity's liquidity position, its commitments of capital expenditures, its sources of financing, along with changes in the amount of assets, liabilities, debt and equity used in its business. Transparent accountings and more frequent financial reporting play an important role in achieving vigilant oversight of market participants. More frequent financial reporting provides needed insight into the opportunities and risks facing the energy industry as the Commission considers and assesses the affects of its regulatory initiatives. The Commission shares the view that quarterly reporting enhances its overall decision making process by providing more timely, useful and relevant data to the decision making process. On September 19, 2008 the Commission issued a Final Rule amending its reporting requirements for public utilities and licensees to file financial forms, reports, and statements, including FERC Form No. 1, FERC Form No. 1-F, and FERC Form No. 3-Q. These changes are to improve the forms, reports and statements to provide, in fuller detail, the information the Commission needs to carry out its responsibilities under the Federal Power Act to ensure that rates remain just and reasonable. In addition, the changes will help provide public utility customers, state commissions, and the public information to assess the justness and reasonableness of electric rates. Specifically, the Final Rule adopts revised reporting requirements which will enhance the Commission’s and customers’ review of formula rates; permit better understanding of non-power goods and services transactions with affiliates, and provide additional detail of revenues not previously specified in Form 1. In addition, the Final Rule will expedite reporting by clarifying Form 1 instructions and cross-references and making certain technical improvements in the form. Finally, the Final Rule responds to the burdens faced by filers by adopting minimum reporting thresholds for certain accounting data, eliminating the reporting requirement for certain utilities that are not otherwise subject to this Commission’s reporting obligations or jurisdiction, and accommodating filers whose fiscal year does not fall in the calendar year that is used for reporting purposes. (See also ICR 200810-1902-005)
US Code: 16 USC 825c, 825h Name of Law: Federal Power Act
  
None
1902-AD50 Final or interim final rulemaking 73 FR 58720 10/07/2008
Yes
  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 1,074 1,071 0 3 0 0
Annual Time Burden (Hours) 177,177 176,087 0 597 493 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
The information maintained and collected under the requirements of Part 141 is essential to the Commission’s oversight duties. The data now reported in the forms does not provide sufficient information to the Commission and the public to permit an evaluation of the filers’ jurisdictional rates. Since the triennial restatement of rates requirement was abolished and pipelines are no longer required to submit this information, the need for current and relevant data is greater than in the past. The information collections proposed in the Final Rule will increase the forms’ usefulness to both the public and the Commission. Without this information, it is difficult for the Commission and the public to perform an assessment of electric utility costs, and thereby help to ensure that rates are just and reasonable.
$31,596
No
No
Uncollected
Uncollected
Uncollected
Uncollected
David Lengenfelder 2025028351 david.lengenfelder@ferc.gov
  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.
10/17/2008