The New York Public Service Commission (NYPSC) has issued a notice soliciting comment from interested entities on whether it should require wholesale generators and certain other electric and gas corporations to disclose additional information to it on an annual basis (Notice). In light of allegedly decreased filing requirements imposed on the federal level, the NYPSC believes it may no longer be able to rely upon the federally-reported information to satisfy the state’s requirements.
New York state law imposes annual reporting requirements on electric corporations (which, depending on the circumstances, may be entities that own as little as a 10% interest in a generating facility). Pursuant to the reporting requirements, an electric corporation must disclose, among other things, the location of each of its plants, a full description of its property and franchises, its receipts and expenditures during the preceding year, and the amount paid as wages to its employees. For the past two decades, the NYPSC has allowed electric corporations subject to lightened NYPSC regulation, including wholesale generators, to satisfy various state reporting requirements by fulfilling reporting requirements imposed by the Federal Energy Regulatory Commission (FERC).
However, the NYPSC has determined that FERC has reduced the filing requirements applicable to wholesale generators to the extent that “[i]t now appears that meeting the FERC filing requirements no longer also meets the disclosure requirements” of New York state law. The Notice seeks comment on whether “to reexamine the annual report filing requirements applicable under [Public Service Law] §66(6) to wholesale generators, and to other electric and gas corporations granted lightened ratemaking regulation[.]“
Comments are due to the NYPSC by July 18, 2011.