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.
Rather than strengthening the PUHCA, Congress is considering abolishing it altogether.
Whatever bill is passed will probably repeal both PUHCA and PURPA, standardize technical specifications, and allow tax-subsidized companies such as the co-ops to sell electricity on the national transmission grid.
PUHCA was passed in 1935 to stem market domination by a few powerful holding companies.
2825), introduced by Representatives Billy Tauzin (D-LA), Thomas Bliley (R-VA), and Rick Boucher (D-VA) on June 27 would amend PUHCA to promote the development of IPPs by allowing them to own and operate non-rate-based plants, and by exempting them from the Act's restrictions on selling wholesale power to utilities.
Corporate and Other - Favorable primarily due to no longer allocating the tax benefit not associated with acquisition interest expense to subsidiaries due to the repeal of PUHCA.
In light of the repeal of PUHCA and the passage of the Energy bill, merger and acquisition strategies are certainly hot topics at the 40th EEI Financial Conference," said Mark Fronmuller, vice president for utilities at Capgemini.