PUHCAPublic Utility Holding Company Act
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GAO's survey of state utility commissions found that states' views varied on their current regulatory capacities to review utility mergers and acquisitions and oversee affiliate transactions; however many states reported a need for additional resources, such as staff and funding, to respond to changes in oversight after the repeal of PUHCA 1935.
For a detailed and helpful account of the Chenery litigation, PUHCA, and
Since the passage of the Public Utility Regulatory Policies Act of 1978 (PURPA), the next sweeping reform of PUHCA can be ascribed to the passage of The Energy Policy Act of 1992 (EPACT).
PUHCA gave the SEC authority to oversee the electric companies and guard against investor fraud and other financial abuses, Id.
As later noted by the Senate Government Oversight Committee staff report on Enron, if the SEC would not have exempted Enron from PUHCA, the firm would have been required to prepare much more detailed reports explaining the ownership connections between the parent and its many subsidiaries.
Congress enacted the PUHCA as a response to the unethical business practices of large utility holding companies.
In 2002, Congress nearly repealed PUHCA, but failed to reach a compromise between Senate and House bills.
The PUHCA led to the creation of vertical corporate structures in which one company generates electricity, transmits it regionally, and distributes it to the final customer.
A third major provision was that all non-utility generators would be exempt from the ownership provisions of PUHCA.
California Electricity Problems Spark Latest PUHCA Repeal Effort