Noting there was “nothing new, nothing cut out,” the Federal Energy Regulatory Commission on Wednesday upheld on rehearing a final rule that places new quarterly financial reporting requirements on natural gas and electric companies, and on oil pipeline companies to keep a closer check on the energy industry.

The rule establishing the quarterly reporting requirement, which was issued in February, is on top of the yearly reports that jurisdictional companies presently file with FERC. As a result of the reporting rule, the agency said it hopes to better identify and evaluate emerging industry trends, business conditions and financial issues affecting regulated companies [RM03-8].

The order on rehearing was not available Wednesday, but FERC Chairman Pat Wood indicated that it would be issued by the end of the week.

The rulemaking adds two new forms — one for electric and natural gas companies (Form No. 3-Q), and another for oil pipeline companies (Form No. 6-Q). Regulated energy companies will be required to provide a basic set of financial statements and other data in their quarterly reports, according to the Commission.

Major public utilities and licensees, and major natural gas companies must submit their first quarterly report by July 9 of this year. Smaller (non-major) public utilities and licensees, and gas companies and oil pipelines have until July 23 to file their first quarterly report.

Starting with their second quarterly report, major public utilities and licensees, and major gas companies are required to file 60 days after the end of each quarter. The smaller (non-major) public utilities and licensees, and gas companies and oil pipelines have until 70 days after the end of each quarter to submit their quarterly financial reports to FERC.

As part of the rule, the Commission also purged the requirement for regulated companies to notify the agency about their cash-management activities. It noted that it was unnecessary since regulated companies will be required to provide detailed financial information about their capital structure as part of their quarterly and annual reports.

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