Sandbox

Until it is known how states and FERC are “going to play in the sandbox together” in a post-Public Utility Holding Company Act of 1935 (PUHCA) world, there are likely to be at least some potential merger candidates that will remain on the sidelines, a top official with Lehman Brothers said last Wednesday. Under the Energy Policy Act of 2005 (EPAct), PUHCA will be officially repealed in February 2006.