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[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1401 Introduced in Senate (IS)]

105th CONGRESS
  1st Session
                                S. 1401

  To provide for the transition to competition among electric energy 
 suppliers for the benefit and protection of consumers, and for other 
                               purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            November 7, 1997

Mr. Bumpers (for himself and Mr. Gorton) introduced the following bill; 
   which was read twice and referred to the Committee on Energy and 
                           Natural Resources

_______________________________________________________________________

                                 A BILL

 
  To provide for the transition to competition among electric energy 
 suppliers for the benefit and protection of consumers, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, 

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Transition to 
Electric Competition Act of 1997''.
    (b) Table of Contents.--The table of contents is as follows:

Sec. 1. Short title and table of contents.
Sec. 2. Findings.
Sec. 3. Definitions.
Sec. 4. Severability.
Sec. 5. Enforcement.
                      TITLE I--RETAIL COMPETITION

Sec. 101. Mandatory retail access.
Sec. 102. Aggregation.
Sec. 103. Prior implementation.
Sec. 104. State regulation.
Sec. 105. Retail stranded cost recovery.
Sec. 106. Wholesale stranded cost recovery.
Sec. 107. Lost retail benefits.
Sec. 108. Universal service.
Sec. 109. Public benefits.
Sec. 110. Renewable energy.
Sec. 111. Determination of local distribution facilities.
Sec. 112. Transmission.
Sec. 113. Competitive generation markets.
Sec. 114. Nuclear decommissioning costs.
Sec. 115. Right to know.
Sec. 116. Exemption of Alaska and Hawaii.
               TITLE II--PUBLIC UTILITY HOLDING COMPANIES

Sec. 201. Repeal of the Public Utility Holding Company Act of 1935.
Sec. 202. Exemptions.
Sec. 203. Federal access to books and records.
Sec. 204. States access to books and records.
Sec. 205. Affiliate transactions.
Sec. 206. Clarification of regulatory authority.
Sec. 207. Effect on other regulation.
Sec. 208. Enforcement.
Sec. 209. Savings provision.
Sec. 210. Implementation.
Sec. 211. Resources.
           TITLE III--PUBLIC UTILITY REGULATORY POLICIES ACT

Sec. 301. Definition.
Sec. 302. Facilities.
Sec. 303. Contracts.
Sec. 304. Savings clause.
Sec. 305. Effective date.
                   TITLE IV--ENVIRONMENTAL PROTECTION

Sec. 401. Study.
                TITLE V--BONNEVILLE POWER ADMINISTRATION

Sec. 501. Findings and purposes.
Sec. 502. Columbia River fish and wildlife coordination and governance.
Sec. 503. Pacific Northwest federal transmission access.
Sec. 504. Transition cost mechanism.
Sec. 505. Independent system operator participation.
Sec. 506. Financial obligations.
Sec. 507. Prohibition on retail sales.
Sec. 508. Clarification of Commission authority.
Sec. 509. Repealed statute.
                  TITLE VI--TENNESSEE VALLEY AUTHORITY

Sec. 601. Competition in service territory.
Sec. 602. Ability to sell electric energy.
Sec. 603. Termination of contracts.
Sec. 604. Rates for electric energy.
Sec. 605. Privatization study.

SEC. 2. FINDINGS.

    The Congress finds that:
    (a) Congress has the authority to enact laws, under the Commerce 
Clause of the United States Constitution, regarding the wholesale and 
retail generation, transmission, distribution, and sale of electric 
energy in interstate commerce.
    (b) Several States have taken steps to require competition among 
retail electric suppliers and a large number of other States are 
expected to act.
    (c) It has been the policy of Congress and the Commission to 
promote competition among wholesale electric suppliers.
    (d) It is in the public interest that the transition towards 
competition in electric service ensures that all consumers receive 
reliable and competitively-priced electric service.
    (e) Electric utility companies that prudently incurred costs 
pursuant to a regulatory structure that required them to provide 
electricity to consumers should not be penalized during the transition 
to competition.
    (f) Consumers will not benefit from the introduction of competition 
among electric energy suppliers if certain suppliers have undue market 
power.
    (g) It is important to encourage conservation and the use of 
renewable resources to reduce reliance on fossil fuels, promote 
domestic energy security and protect the environment.
    (h) Competition among electric energy suppliers should not degrade 
reliability nor cause consumers to lose electric service.

SEC. 3. DEFINITIONS.

    For purposes of this Act:
    (a) The term ``affiliate'' of a specific company means any company 
5 percent or more of whose outstanding voting securities are owned, 
controlled, or held with power to vote, directly or indirectly, by such 
specific company.
    (b) The term ``aggregator'' means any person that purchases or 
acquires retail electric energy on behalf of two or more consumers.
    (c) The term ``ancillary services'' shall have the same meaning 
assigned to it by the Commission.
    (d) The term ``associate company'' of a company means any company 
in the same holding company system with such company.
    (e) The term ``Commission'' means the Federal Energy Regulatory 
Commission.
    (f) The term ``company'' means a corporation, joint stock company, 
partnership, association, business trust, organized group of persons, 
whether incorporated or not, or a receiver or receivers, trustee or 
trustees of any of the foregoing.
    (g) The term ``corporation'' means any corporation, joint-stock 
company, partnership, association, rural electric cooperative, 
municipal utility, business trust, organized group of persons, whether 
incorporated or not, or a receiver or receivers, trustee or trustees of 
any of the foregoing.
    (h) The term ``electric utility company'' means any company that 
owns or operates facilities used for the generation, transmission or 
distribution of electric energy for sale.
    (i) The term ``gas utility company'' means any company that owns or 
operates facilities used for distribution at retail (other than the 
distribution only in enclosed portable containers) of natural or 
manufactured gas for heat, light or power.
    (j) The term ``holding company system'' means a holding company 
together with its subsidiary companies.
    (k) The term ``large hydroelectric facility'' means a facility 
which has a power production capacity which, together with any other 
facilities located at the same site, is greater than 80 megawatts.
    (l) The term ``local distribution facilities'' means facilities 
used to provide retail electric energy for ultimate consumption.
    (m) The term ``lost retail benefits'' means the increased cost of 
retail electric energy in a retail electric energy provider's service 
territory resulting from the sale subsequent to the implementation of 
retail electric competition, outside such service territory, of 
electric energy generated at facilities the cost of which were included 
in the retail rate base of the retail electric energy provider prior to 
the implementation of retail electric competition.
    (n) The term ``mitigation'' means any widely accepted business 
practice used by an electric utility company to dispose of or reduce 
uneconomic assets or costs.
    (o) The term ``municipal utility'' means a city, county, irrigation 
district, drainage district, or other political subdivision or agency 
of a State competent under the laws thereof to carry on the business of 
a retail electric energy provider and/or a retail electric energy 
supplier.
    (p) The term ``person'' means an individual or corporation.
    (q) The term ``public utility company'' means an electric utility 
company or gas utility company but does not mean a qualifying facility 
as defined in the Public Utility Regulatory Policies Act, or an exempt 
wholesale generator or a foreign utility company defined in the Energy 
Policy Act of 1992.
    (r) The term ``public utility holding company'' means (A) any 
company that directly or indirectly owns, controls, or holds with power 
to vote, 10 percent or more of the outstanding voting securities of a 
public utility company or of a holding company of any public utility 
company; and (B) any person, determined by the Securities and Exchange 
Commission, after notice and opportunity for hearing, to exercise 
directly or indirectly (either alone or pursuant to an arrangement or 
understanding with one or more persons) such a controlling influence 
over the management or policies of any public utility or holding 
company as to make it necessary or appropriate for the protection of 
consumers with respect to rates that such person be subject to the 
obligations, duties, and liabilities imposed in this title upon holding 
companies.
    (s) The term ``renewable energy'' means electricity generated from 
solar, wind, waste, including municipal solid waste, biomass, 
hydroelectric or geothermal resources.
    (t) The term ``Renewable Energy Credit'' means a tradable 
certificate of proof that one unit (as determined by the Commission) of 
renewable energy was generated by any person.
    (u) The term ``retail electric competition'' means the ability of 
each consumer in a particular State to purchase retail electric energy 
from any person seeking to sell electric energy to such consumer.
    (v) The term ``retail electric energy'' means electric energy and 
ancillary services sold for ultimate consumption.
    (w) The term ``retail electric energy provider'' means any person 
who distributes retail electric energy to consumers regardless of 
whether the consumers purchase such energy from the provider or an 
alternative supplier. A retail electric energy provider may also be a 
retail electric energy supplier.
    (x) The term ``retail electric energy supplier'' means any person 
which sells retail electric energy to consumers.
    (y) The term ``retail stranded costs'' means all legitimate, 
prudent, verifiable and non-mitigatable costs incurred by an electric 
utility company in all of its generation assets which would have been 
recoverable in retail rates but for the implementation of retail 
electric competition, less the total market value of these assets after 
retail electric competition is implemented. Binding power purchase 
contracts and regulatory assets, the costs of which would have been 
recovered but for the implementation of retail electric competition, 
shall be considered generation assets for purposes of this subsection.
    (z) The term ``rural electric cooperative'' means a corporation 
that is currently paying off a loan for the purposes of providing 
electric service from the Administrator of the Rural Electrification 
Administration or the Rural Utilities Service under the Rural 
Electrification Act of 1936.
    (aa) The term ``State'' means any State or the District of 
Columbia.
    (bb) The term ``State regulatory authority'' means the regulatory 
body of a State or municipality having sole jurisdiction to regulate 
rates and charges for the distribution of electric energy to consumers 
within the State or municipality.
    (cc) The term ``subsidiary company'' of a holding company means--
            (1) any company 10 percent or more of the outstanding 
        voting securities of which are directly or indirectly owned, 
        controlled, or held with power to vote, by such holding 
        company; and
            (2) any person the management or policies of which the 
        Securities and Exchange Commission, after notice and 
        opportunity for hearing, determines to be subject to a 
        controlling influence, directly or indirectly, by such holding 
        company (either alone or pursuant to an arrangement or 
        understanding with one or more other persons) so as to make it 
        necessary for the protection of consumers that such person be 
        subject to the obligations, duties, and liabilities imposed 
        upon subsidiary companies of public utility holding companies.
    (dd) The term ``transmission system'' means all facilities, 
including federally-owned facilities, transmitting electricity in 
interstate commerce in a particular region, including all facilities 
transmitting electricity in the State of Texas and those providing 
international interconnections, but does not include local distribution 
facilities as determined by the Commission.
    (ee) The term ``wholesale electric energy'' means electric energy 
and ancillary services sold for resale.
    (ff) The term ``wholesale electric energy supplier'' means any 
person which sells wholesale electric energy.
    (gg) The term ``wholesale stranded costs'' shall have the same 
meaning as in the Commission's Order No. 888.
    (hh) The term ``voting security'' means any security presently 
entitling the owner or holder thereof to vote in the direction or 
management of the affairs of a company.

SEC. 4. SEVERABILITY.

    If any provision of this Act, or the application of such provision 
to any person or circumstance, shall be held invalid, the remainder of 
the Act, and the application of such provision to persons or 
circumstances other than those as to which it is held invalid, shall 
not be affected thereby.

SEC. 5. ENFORCEMENT.

    (a) Violation of the Act.--If any individual or corporation or any 
other retail electric energy supplier or provider fails to comply with 
the requirements of this Act, any aggrieved person may bring an action 
against such entity to enforce the requirements of this Act in the 
appropriate Federal district court.
    (b) State or Commission Action.--Notwithstanding any other 
provision of law, any person seeking redress from an action taken by a 
State regulatory authority, the Commission or a regulatory board 
pursuant to this Act shall bring such action in the appropriate circuit 
of the United States Court of Appeals.

                     TITLE I--ELECTRIC COMPETITION

SEC. 101. MANDATORY RETAIL ACCESS.

    (a) Customer Choice.--Beginning on January 1, 2002, each consumer 
shall have the right to purchase retail electric energy from any person 
offering to sell retail electric energy to such consumer, subject to 
any limitations imposed pursuant to section 104(a) of this Act.
    (b) Local Distribution and Retail Transmission Facilities.--
Beginning on January 1, 2002, all persons seeking to sell retail 
electric energy shall have reasonable and nondiscriminatory access, on 
an unbundled basis, to the local distribution and retail transmission 
facilities of all retail electric energy providers and all ancillary 
services.

SEC. 102. AGGREGATION.

    Subject to any limitations imposed pursuant to section 104(a) of 
this Act, a group of consumers or any person acting on behalf of such 
group may purchase or acquire retail electric energy for the members of 
the group if they are located in a State or States where there is 
retail electric competition.

SEC. 103. PRIOR IMPLEMENTATION.

    (a) State Action.--Nothing in the Federal Power Act (16 U.S.C. 824 
et seq.) shall be deemed to prohibit a State or State regulatory 
authority, if authorized under State law, from requiring retail 
electric energy providers selling retail electric energy to consumers 
in such State to provide reasonable and nondiscriminatory access, on an 
unbundled basis, to its local distribution facilities and all ancillary 
services to any retail electric energy supplier prior to January 1, 
2002.
    (b) Grandfather.--Legislation enacted by a State or a regulation 
issued by a State regulatory authority which has the effect of 
providing all consumers in such State the opportunity to purchase 
retail electric energy from any retail electric energy supplier by 
January 1, 2002 and provides electric utility companies with the 
opportunity to recover their retail stranded costs as defined by this 
Act (unless there is an agreement between a State or State regulatory 
authority and a retail electric energy provider which provides for a 
different level of recovery), shall be deemed to be in compliance with 
the requirements of sections 101 and 105 of this Act.
    (c) Reciprocity.--A State or State regulatory authority that 
provides for retail electric competition may preclude any retail 
electric energy provider selling retail electric energy to consumers in 
another State and their affiliates from selling retail electric energy 
to consumers in the State with retail electric competition if the 
retail electric energy providers does not provide reasonable and 
nondiscriminatory access, on an unbundled basis, to its local 
distribution facilities to any retail electric energy supplier.

SEC. 104. STATE REGULATION.

    (a) State Requirements.--A State or a State regulatory authority 
may impose requirements on persons seeking to sell retail electric 
energy to consumers in that State which are intended to promote the 
public interest, including requirements related to generation 
reliability and the provision of information to consumers and other 
retail electric energy suppliers. Any such requirements must be applied 
on a nondiscriminatory basis and may not be used to exclude any class 
of potential suppliers, such as retail electric energy providers, from 
the opportunity to sell retail electric energy.
    (b) Maintenance of State Authority.--Nothing in this Act is 
intended to prohibit a State from enacting laws or imposing regulations 
related to retail electric energy service that are consistent with the 
requirements of this Act.
    (c) Continued State Authority Over Distribution.--A State or State 
regulatory authority may continue to regulate local distribution 
service currently subject to State regulation, including billing and 
metering in any manner consistent with this Act.

SEC. 105. RETAIL STRANDED COST RECOVERY.

    (a) Application for Determination.--Except as provided in 
subsection (b) an electric utility company subject to the ratemaking 
jurisdiction of a State regulatory authority prior to date of enactment 
of this Act may submit an application to the State regulatory authority 
seeking a determination to its total stranded costs in that State if--
            (1) the State regulatory authority has issued a regulation 
        or the State has enacted legislation requiring retail electric 
        competition which does not provide for the full recovery of 
        retail stranded costs; or
            (2) the electric utility company's retail distribution 
        customers have access to retail competition as a result of the 
        requirements of Section 101 of this Act.
            (3) If a State regulatory authority fails to determine the 
        electric utility company's retail stranded costs within 18 
        months after the date upon which the company applied for a 
        determination of its stranded costs, the Commission shall 
        determine the company's retail stranded costs.
    (b) Nonregulated Utilities.--A municipal or rural electric 
cooperative that seeks to recover its retail stranded costs may 
determine its total retail stranded costs.
    (c) Right of Recovery.--(1) An electric utility company, municipal 
utility or retail electric cooperative shall be entitled to full 
recovery of its retail stranded costs, as determined pursuant to 
subsection (a) or (b), over a reasonable period of time through a non-
bypassable Stranded Cost Recovery Charge imposed on its customers.
    (2) A rural electric cooperative which sells wholesale electric 
energy to rural electric cooperative retail electric energy providers 
or a joint action agency which sells wholesale electric energy to 
municipal retail electric energy providers may recover wholesale 
stranded costs from such rural electric cooperative or municipal retail 
electric energy providers. Such cost recovery shall be deemed a retail 
stranded cost of the rural electric cooperative or municipal retail 
energy provider.
    (d) Prohibition on Cost-Shifting.--(1) No class of consumers in a 
State shall be assessed a Stranded Cost Recovery Charge that a State 
regulatory authority or the Commission, whichever is applicable, 
determines is in excess of the class' proportional responsibility for 
the retail electric energy provider's costs that existed prior to the 
implementation of retail electric competition in such State.
    (2) Customers of a retail electric energy provider that serves 
consumers in more than one State or that is affiliated with another 
retail electric energy provider shall only be responsible for stranded 
costs associated with retail electric competition in the State or area 
in which such customers are located.
    (e) Prior Prudence Determinations.--Nothing in this Act is intended 
to affect or modify or permit the modification of a final determination 
made by the Commission or a State regulatory authority or an agreement 
entered into by the Commission or a State regulatory authority with 
regard to the prudence of any costs associated with a particular 
generating facility or contract.

SEC. 106. WHOLESALE STRANDED COST RECOVERY.

    (a) Commission Regulation.--The Commission shall have sole 
jurisdiction to determine and provide for the recovery of wholesale 
stranded costs associated with wholesale electric competition with 
regard to public utilities subject to jurisdiction of the Commission 
pursuant to the Federal Power Act.
    (b) Regional Generating Facilities.--
            (1) The consent of Congress is given for the creation of a 
        regional board if--
                    (A) each State regulatory authority regulating an 
                affiliate of a public utility holding company with 
                affiliate retail electric energy providers serving 
                customers in more than one State elects to join such a 
                board;
                    (B) an affiliate of the public utility holding 
                company owns and/or operates a generating facility and 
                sells power from that facility to two or more 
                affiliates of the same holding company and did not sell 
                retail electric energy prior to January 30, 1997 
                (hereinafter referred to as the ``wholesale generating 
                company''); and
                    (C) the public utility holding company notifies 
                each State regulatory authority which regulates a 
                retail electric energy provider affiliated with the 
                holding company that it intends to seek recovery of the 
                wholesale stranded costs associated with the generating 
                facility or facilities (described in subsection 
                (b)(1)(B)) owned by the wholesale generating company 
                affiliated with such holding company.
            (2) The regional board shall be formed if each State 
        regulatory authority elects to create the board within six 
        months after receiving the notification described in subsection 
        (b)(1)(C). If such elections are not made within the requisite 
        time period, the Commission shall assume the responsibilities 
        of the board as described in this section.
            (3) The regional board shall have 18 months after the date 
        it is formed to determine, on a unanimous basis, the wholesale 
        stranded costs associated with the generating facility which is 
        the subject of the proceeding and to allocate such costs among 
        the retail electric energy provider affiliates of the public 
        utility holding company on a just and reasonable and 
        nondiscriminatory basis.
            (4) If the regional board fails to make either or both 
        determinations, as described in subsection (b)(3) in the 
        requisite time period, the Commission shall make the 
        determination or determinations that have yet to be made.
            (5) After its level of wholesale stranded costs is 
        determined pursuant to this subsection, the wholesale 
        generating company affiliate of the holding company shall be 
        entitled to fully recover its stranded costs, over a reasonable 
        period of time, from the retail electric energy provider 
        affiliates to which it sells electric energy pursuant to the 
        procedures established by this subsection.
            (6) A retail electric energy provider's wholesale stranded 
        cost payment obligations pursuant to this subsection shall be 
        deemed retail stranded costs for the purposes of section 105 of 
        this Act.

SEC. 107. LOST RETAIL BENEFITS.

    A State may require a retail electric energy provider to compensate 
its retail customers for lost retail benefits if, after retail 
competition is implemented, the market value of all of the provider's 
generating assets in the rate base prior to the implementation of 
retail electric competition is greater than the total costs of these 
assets that would have been recoverable in retail rates but for the 
implementation of retail electric competition. No retail electric 
energy provider shall be required to compensate its customers in an 
amount that exceeds the increased market value of its generating assets 
resulting from the implementation of retail electric competition.

SEC. 108. UNIVERSAL SERVICE.

    (a) State Universal Service Programs.--A State may establish a 
Universal Service Program that ensures that all consumers have access 
to purchase retail electric energy from at least one retail electric 
energy supplier at a just and reasonable rate.
    (b) Service Obligation.--(1) After January 1, 2002, each retail 
electric energy provider located in a State that has not yet 
established a Universal Service Program described in subsection (a) 
shall be obligated to sell retail electric energy to, or purchase 
retail electric energy on behalf of, any of its customers in a 
particular geographic area in which a State regulatory authority or the 
Commission, if the State regulatory authority fails to make a 
determination pursuant to a request by an affected person, determines 
that there is not effective retail electric competition in such area 
and the consumer has not affirmatively chosen a retail electric energy 
supplier.
    (2) The retail electric energy provider performing the service 
described in subsection (b)(1) is entitled to a just and reasonable 
rate from the consumer receiving such service.
    (c) Universal Service Fund.--A State or a State regulatory 
authority, if authorized by the State, may impose a non-bypassable 
Universal Service Charge on all customers of every retail electric 
energy provider in such State to fund all or part of the costs of a 
Universal Service Program, including the partial or full payment of the 
charges a provider may recover pursuant to subsection (b)(2).

SEC. 109. PUBLIC BENEFITS.

    Nothing in this Act shall prohibit a State or State regulatory 
authority from assessing charges on retail consumers of energy to fund 
public benefits programs such as those designed to aid low-income 
energy consumers, promote energy research and development or achieve 
energy efficiency and conservation.

SEC. 110. RENEWABLE ENERGY.

    (a) Minimum Renewable Requirement.--Beginning on January 1, 2004 
and each year thereafter, every retail electric energy supplier shall 
submit to the Commission Renewable Energy Credits in an amount equal to 
the required annual percentage of the total retail electric energy sold 
by such supplier in the preceding calendar year.
    (b) State Renewable Energy Programs.--Nothing in this section shall 
be construed to prohibit any State or any State regulatory authority 
from requiring additional renewable energy generation in that State 
under any program adopted by the State.
    (c) Required Annual Percentage.--Beginning in calendar year 2003, 
the required annual percentage for each retail electric energy supplier 
shall be 5 percent. Thereafter, the required annual percentage for each 
such supplier shall be 9 percent beginning in calendar year 2008 and 12 
percent beginning in calendar year 2013.
    (d) Submission of Credits.--A retail electric energy supplier may 
satisfy the requirements of subsection (a) through the submission of--
            (1) Renewable Energy Credits issued by the Commission under 
        this section for renewable energy sold by such supplier in such 
        calendar year.
            (2) Renewable Energy Credits issued by the Commission under 
        this section to any other retail electric energy supplier for 
        renewable energy sold in such calendar year by such other 
        supplier and acquired by such retail electric energy supplier.
            (3) Any combination of the foregoing.
A Renewable Energy Credit that is submitted to the Commission for any 
year may not be used for any other purpose thereafter.
    (e) Issuance of Renewable Energy Credits.--
            (1) The Commission shall establish by rule after notice and 
        opportunity for hearing but not later than one year after the 
        date of enactment of this Act, a National Renewable Energy 
        Trading Program to issue Renewable Energy Credits to retail 
        electric suppliers. Renewable Energy Credits shall be 
        identified by type of generation and the State in which the 
        facility is located. Under such program, the Commission shall 
        issue--
                    (A) one-half of one Renewable Energy Credit to any 
                retail electric energy supplier who sells one unit of 
                renewable energy generated at a large hydroelectric 
                facility;
                    (B) one Renewable Energy Credit to any retail 
                electric energy supplier who sells one unit of 
                renewable energy generated at a facility, other than a 
                large hydroelectric facility, built prior to the date 
                of enactment of this Act; and
                    (C) two Renewable Energy Credits to any retail 
                electric supplier who sells one unit of renewable 
                energy generated at a facility, other than a large 
                hydroelectric facility, built on or after the date of 
                enactment of this Act.
            (2) The Commission shall impose and collect a fee on 
        recipients of Renewable Energy Credits in an amount equal to 
        the administrative costs of issuing, recording, monitoring the 
        sale or exchange, and tracking such Credits.
    (f) Sale or Exchange.--Renewable Energy Credits may be sold or 
exchanged by the person issued or the person who acquires the Credit. A 
Renewable Energy Credit for any year that is not used to satisfy the 
minimum renewable sales requirement of this section for that year may 
not be carried forward for use in another year. The Commission shall 
promulgate regulations to provide for the issuance, recording, 
monitoring the sale or exchange, and tracking of such Credits. The 
Commission shall maintain records of all sales and exchanges of 
Credits. No such sale or exchange shall be valid unless recorded by the 
Commission.
    (g) Use of Proceeds by BPA.--The Administrator of the Bonneville 
Power Administration shall use the proceeds from the sale of any 
Renewable Energy Credit issued to the Bonneville Power Administration 
under this section for its retail electric energy sales to repay the 
Administration's outstanding debt to the United States Treasury and 
bondholders of securities backed by the Bonneville Power 
Administration.
    (h) Rules and Regulations.--The Commission shall promulgate such 
rules and regulations as may be necessary to carry out this section, 
including such rules and regulations requiring the submission of such 
information as may be necessary to verify the annual electric 
generation and renewable energy generation which is supplied by any 
person applying for Renewable Energy Credits under this section or to 
verify and audit the validity of Renewable Energy Credits submitted by 
any person to the Commission.
    (i) Annual Reports.--The Commission shall gather available data and 
measure compliance with the requirements of this section and the 
success of the National Renewable Energy Trading Program established 
under this section. On an annual basis not later than May 31 of each 
year, the Commission shall publish a report for the previous year that 
includes compliance data, National Renewable Energy Trading Program 
results, and steps taken to improve the Program results.
    (j) Sunset.--The requirements of this section shall cease to apply 
on December 31, 2019.

SEC. 111. DETERMINATION OF LOCAL DISTRIBUTION FACILITIES.

    (a) Application by State Regulatory Authority.--A State regulatory 
authority may apply to the Commission for a determination whether a 
particular facility used for the transportation of electric energy 
located in such State is a local distribution facility subject to the 
jurisdiction of that State regulatory authority or is a transmission 
facility subject to the jurisdiction of the Commission.
    (b) Commission Findings.--If an application is submitted pursuant 
to subsection (a) the Commission shall make a determination giving the 
maximum practicable deference to the position taken by the State 
regulatory authority, in accordance with the following factors 
associated with the facility:
            (1) function and purpose;
            (2) size;
            (3) location;
            (4) voltage level and other technical characteristics;
            (5) historic, current and planned usage patterns;
            (6) interconnection and coordination with other facilities; 
        and
            (7) any other factor the Commission deems relevant.

SEC. 112. TRANSMISSION.

    (a) Transmission Regions.--Within two years after the date of 
enactment of this Act, the Commission shall establish the broadest 
feasible transmission regions and designate an Independent System 
Operator to manage and operate the transmission system in each region 
beginning on January 1, 2002. In establishing transmission regions and 
designating Independent System Operators the Commission shall give 
deference to Independent System Operators approved by the Commission 
prior to the date of enactment of this Act, if it would be consistent 
with the requirements of this section.
    (b) Independent System Operators.--A person designated as an 
Independent System Operator shall not be subject to the control of--
            (1) any person owning any transmission facilities located 
        in the region in which the Independent System Operator will 
        operate; or
            (2) any retail electric energy supplier selling retail 
        electric energy to consumers in the region in which the 
        Independent System Operator will operate.
    (c) Transmission Regulation.--
            (1) The Commission shall continue to have authority over 
        the transmission of electric energy in interstate commerce by 
        the Independent System Operator within the transmission region 
        designated by the Commission.
            (2) The Commission shall have authority over the 
        transmission of electric energy in interstate commerce between 
        two or more transmission regions designated by the Commission.
            (3) Sections 212(f) and 212(j) of the Federal Power Act (16 
        U.S.C. 824k(f)) are repealed effective January 1, 2002.
            (4) Section 212(g) of the Federal Power Act (16 U.S.C. 
        824k(g)) is amended by adding ``prior to January 1, 2002'' 
        immediately following ``utilities''.
            (5) Section 212(h) of the Federal Power Act (16 U.S.C. 
        824k(h)--
                    (A) shall not apply after the date of enactment of 
                this Act where a retail electric energy supplier is 
                seeking access to a transmission facility for the 
                purpose of selling retail electric energy to a consumer 
                located in a State that has authorized retail electric 
                competition prior to January 1, 2002; or
                    (B) is repealed effective January 1, 2002.
    (f) Rules.--On or before January 1, 2001, the Commission shall 
issue binding rules governing oversight of the Independent System 
Operators and designed to promote transmission reliability and 
efficiency and competition among retail and wholesale electric energy 
suppliers, including rules related to transmission rates that inhibit 
competition and efficiency.

SEC. 113. COMPETITIVE GENERATION MARKETS.

    (a) Mergers.--
            (1) Section 203(a) of the Federal Power Act (16 U.S.C. 
        824(a)) is amended by adding ``including the promotion of 
        competitive wholesale and retail electric generation markets,'' 
        immediately following ``public interest''.
            (2) Section 203 of the Federal Power Act (16 U.S.C. 824b) 
        is further amended by adding at the end the following:
    ``(c) Acquisition of Natural Gas Utility Company.--No public 
utility shall acquire the facilities or securities of a natural gas 
utility company unless the Commission finds that such acquisition is in 
the public interest.
    ``(d) Definition.--For purposes of this section, the term `natural 
gas utility company' means any company that owns or operates facilities 
used for the transportation at wholesale, or the distribution at retail 
(other than the distribution only in enclosed portable containers) of 
natural or manufactured gas for heat, light, or power.''.
    (b) Market Power.--The Commission may take such actions as it 
determines are necessary, including the following:
            (1) ordering the physical connection of generating or 
        transmission facilities,
            (2) ordering a transmitting utility (as defined in section 
        3(23) of the Federal Power Act (16 U.S.C. 796(23)) to provide 
        transmission services (including any enlargement of 
        transmission capacity (consistent with applicable state law) 
        necessary to provide such services), or
            (3) requiring the divestiture of generating or transmission 
        facilities,
in order to prohibit any retail or wholesale electric energy supplier 
or retail electric energy provider or any affiliate thereto, from using 
its ownership or control of resources to maintain a situation 
inconsistent with effective competition among retail and wholesale 
electric suppliers.

SEC. 114. NUCLEAR DECOMMISSIONING COSTS.

    To ensure safety with regard to the public health and safe 
decommissioning of nuclear generating units, any retail and wholesale 
electric energy supplier owning nuclear generating units prior to the 
date of enactment of this Act shall recover all reasonable costs (as 
determined by the Commission and relevant State regulatory authorities) 
associated with Federal and State requirements for the decommissioning 
of such nuclear generating units pursuant to a non-bypassable charge 
imposed on all consumers located in the service territories purchasing 
power, or that had purchased power, from such nuclear generating units. 
In overseeing the non-bypassable charge, a State regulatory authority 
may take into account the greater cost responsibility of those 
consumers which continue to purchase power generated at a nuclear unit.

SEC. 115. RIGHT TO KNOW.

    Beginning on January 1, 2002, the Commission shall ensure that each 
retail electric energy supplier discloses to the public information on 
the types of fuel used to generate the electricity sold by the 
supplier, including the percentage of the electric energy sold by the 
supplier that is generated by each fuel type.

SEC. 116. EXEMPTION OF ALASKA AND HAWAII.

    This title shall not apply to any person located in Alaska or 
Hawaii with regard to any activity or transaction occurring in Alaska 
or Hawaii.

               TITLE II--PUBLIC UTILITY HOLDING COMPANIES

SEC. 201. REPEAL OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935.

    The Public Utility Holding Company Act of 1935, as amended, 15 
U.S.C. 79 et seq., is hereby repealed, effective one year from the date 
of enactment of this Act.

SEC. 202. EXEMPTIONS.

    (a) Federal and State Agencies.--No provision of this title shall 
apply to: (1) the United States, (2) a State or any political 
subdivision of a State, (3) any foreign governmental authority not 
operating in the United States, (4) any agency, authority, or 
instrumentality of any of the foregoing, or (5) any officer, agent, or 
employee of any of the foregoing acting as such in the course of his 
official duty.
    (b) Unnecessary Provisions.--The Commission, by rule or order, may 
conditionally or unconditionally exempt any person or transaction, or 
any class or classes of persons or transactions, from any provision or 
provisions of this title or of any rule or regulation thereunder, if 
the Commission finds that regulation of such person or transaction is 
not relevant to the rates of a public utility company. The Commission 
shall not grant such as exemption, except with regard to section 204 of 
this Act, unless all affected State regulatory authorities consent.
    (c) Retail Competition.--The provisions of this title shall not 
apply to a holding company and every associate company of such holding 
company if the Commission certifies that the retail customers of every 
public utility subsidiary of such holding company have access to retail 
electric competition and each State regulatory authority regulating the 
retail electric energy provider subsidiaries of the holding company 
certify that they will have sufficient access to the holding company's 
books and records relevant to their regulatory responsibilities.

SEC. 203. FEDERAL ACCESS TO BOOKS AND RECORDS.

    (a) Provision of Books and Records.--Every holding company and 
associate company thereof shall maintain, and make available to the 
Commission, such books, records, accounts, and other documents as the 
Commission deems relevant to costs incurred by a public utility company 
that is an associate company of such holding company and necessary or 
appropriate for the protection of consumers with respect to rates.
    (b) Examination of Books and Records.--The Commission may examine 
the books and records of any company in a holding company system, or 
any affiliate thereof, as the Commission deems relevant to costs 
incurred by a public utility company within such holding company system 
and necessary or appropriate for the protection of consumers with 
respect to rates.
    (c) Protected Information.--No member, officer, or employee of the 
Commission shall divulge any fact or information that may come to his 
knowledge during the course of examination of books, accounts, or other 
information as hereinbefore provided, except insofar as he may be 
directed by the Commission or by a court.

SEC. 204. STATE ACCESS TO BOOKS AND RECORDS.

    (a) Provision of Books and Records.--Every holding company and 
associate company thereof, shall maintain, and make available to each 
State regulatory authority regulating the rates of any public utility 
subsidiary of such holding company, such books, records, accounts, and 
other documents as the State regulatory authority deems relevant to 
costs incurred by a public utility company that is an associate company 
of such holding company and necessary or appropriate for the protection 
of consumers with respect to rates.
    (b) Protected Information.--No member, officer, or employee of a 
State regulatory authority shall divulge any fact or information that 
may come to his knowledge during the course of examination of books, 
accounts, or other information as hereinbefore provided, except insofar 
as he may be directed by the State regulatory authority or a court.

SEC. 205. AFFILIATE TRANSACTIONS.

    (a) Interaffiliate Transactions.--Both the Commission, with regard 
to wholesale rates, and State regulatory authorities, with regard to 
retail rates, shall have the authority to determine whether a public 
utility company may recover in rates any costs of goods and services 
acquired by such public utility company from an associate company after 
the date of enactment regardless of when the contract for the 
acquisition of such goods and services was entered into.
    (b) Associate Companies.--Both the Commission, with regard to 
wholesale rates, and State regulatory authorities, with regard to 
retail rates, shall have the authority to determine whether a public 
utility company may recover in rates any costs associated with an 
activity performed by an associate company.
    (c) Interaffiliate Power Transactions.--
            (1) Each State regulatory authority shall have the 
        authority to examine the prudence of a wholesale electric power 
        purchase made by a public utility, which is not an associate 
        company of a public utility holding company, providing retail 
        electric service subject to regulation by the State regulatory 
        authority.
            (2) Each State regulatory authority shall have the 
        authority to examine the prudence of a wholesale electric power 
        purchase made by a public utility, which is an associate 
        company of a public utility holding company, providing retail 
        electric service subject to regulation by the State regulatory 
        authority, provided that the costs related to such purchase 
        have not been allocated among two or more associated companies 
        of such public utility holding company, by the Commission prior 
        to the date of enactment and there is no subsequent 
        reallocation after the date of enactment.

SEC. 206. CLARIFICATION OF REGULATORY AUTHORITY.

    No public utility which is an associate company of a holding 
company may recover in rates from wholesale or retail customers any 
costs (other than wholesale or retail stranded costs) not associated 
with the provision of electric service to such customers, including 
those direct and indirect costs related to investments not associated 
with the provision of electric service to those customers, unless the 
Commission, with regard to wholesale rates, or a State regulatory 
authority, with regard to retail rates, explicitly consents.

SEC. 207. EFFECT ON OTHER REGULATION.

    Nothing in this Act shall preclude a State regulatory authority 
from exercising its jurisdiction under otherwise application law to 
protect utility consumers.

SEC. 208. ENFORCEMENT.

    The Commission shall have the same powers as set forth in sections 
306 through 317 of the Federal Power Act (16 U.S.C. 825d-825p) to 
enforce the provisions of this title.

SEC. 209. SAVINGS PROVISION.

    Nothing in this title prohibits a person from engaging in 
activities in which it is legally engaged or authorized to engage on 
the date of enactment of this title provided that it continues to 
comply with the terms of any authorization, whether by rule or by 
order.

SEC. 210. IMPLEMENTATION.

    The Commission shall promulgate regulations necessary or 
appropriate to implement this title not later than six months after the 
date of enactment of this Act.

SEC. 211. RESOURCES.

    All books and records that relate primarily to the function hereby 
vested in the Commission shall be transferred from the Securities and 
Exchange Commission to the Commission.

           TITLE III--PUBLIC UTILITY REGULATORY POLICIES ACT

SEC. 301. DEFINITION.

    For purposes of this title, the term ``facility'' means a facility 
for the generation of electric energy or an addition to or expansion of 
the generating capacity of such a facility.

SEC. 302. FACILITIES.

    Section 210 of the Public Utility Regulatory Policies Act of 1978 
(16 U.S.C. 824a-3) shall not apply to any facility which begins 
commercial operation after the effective date of this title, except a 
facility for which a power purchase contract entered into under such 
section was in effect on such effective date.

SEC. 303. CONTRACTS.

    After the effective date of this title or after the date on which 
retail electric competition, as defined in title I of this Act, is 
implemented in all of its service territories, whichever is earlier, no 
public utility company shall be required to enter into a new contract 
or obligation to purchase or sell electric energy pursuant to section 
210 of the Public Utility Regulatory Policies Act of 1978.

SEC. 304. SAVINGS CLAUSE.

    Notwithstanding sections 302 and 303, nothing in this title shall 
be construed:
    (a) As granting authority to the Commission, a State regulatory 
authority, electric utility company, or electric consumer, to reopen, 
force, the renegotiation of, or interfere with the enforcement of power 
purchase contracts or arrangements in effect on the effective date of 
this Act between a qualifying small power producer and any electric 
utility or electric consumer, or any qualifying cogenerator and any 
electric utility or electric consumer.
    (b) To affect the rights and remedies of any party with respect to 
such a power purchase contract or arrangement, or any requirement in 
effect on the effective date of this Act to purchase or to sell 
electric energy from or to a qualifying small power production facility 
or qualifying cogeneration facility.

SEC. 305. EFFECTIVE DATE.

    This title shall take effect on January 1, 2002.

                   TITLE IV--ENVIRONMENTAL PROTECTION

SEC. 401. STUDY

    The Environmental Protection Agency, in consultation with other 
relevant federal agencies, shall prepare and submit a report to 
Congress by January 1, 2000, which examines the implications of 
differences in applicable air pollution emissions standards for 
wholesale and retail electric generation competition and for public 
health and the environment. The report shall recommend changes to 
federal law, if any are necessary, to protect public health and the 
environment.

                TITLE V--BONNEVILLE POWER ADMINISTRATION

SEC. 501. FINDINGS AND PURPOSES.

    (a) Findings.--The Congress finds that:
            (1) The multi-purpose Federal Columbia River Power System's 
        Federal and non-Federal dams have provided immeasurable 
        benefits to the Pacific Northwest by providing flood control, 
        renewable hydroelectric power, irrigation, navigation, and 
        recreation;
            (2) The dams provide the Northwest with a continuing source 
        of clean and renewable power but, along with over-fishing and 
        other natural and human impacts on the ecosystem, have 
        adversely affected the Columbia Basin's fish and wildlife;
            (3) Enactment of the Energy Policy Act of 1992 established 
        competition for the wholesale supply of electricity, and market 
        forces have driven the cost of power down nationally, the 
        Northwest included, and has allowed utilities and large users 
        to buy power at rates below those offered by the Bonneville 
        Power Administration;
            (4) Realizing the new economic forces impacting 
        electricity, the four Northwest state governors undertook a 
        year-long review in 1996 of the regional electricity system and 
        made recommendations for the future of the system;
            (5) Among these recommendations is the separation of the 
        transmission and power marketing functions of the Bonneville 
        Power Administration, with Commission oversight of access to 
        Bonneville's transmission system, and undertaking this 
        separation in a way that does not impair Bonneville's ability 
        to meet its obligations to the U.S. Treasury, fish and wildlife 
        programs, and bondholders of the Washington Public Power Supply 
        System;
            (6) There are ongoing efforts by Bonneville to reduce its 
        costs and require accountability of its funds, including those 
        of its funds used for salmon recovery; and
            (7) There is a need to provide a regional process involving 
        the Federal Government, state governments, tribal governments, 
        utilities and other users of the water of the Columbia and 
        Snake River System, to balance the multiple objectives of the 
        river system.
    (b) Purposes.--The purposes of this title are:
            (1) To establish authority in a consolidated regional 
        governing body that will balance the multiple uses of the 
        Columbia and Snake River system, for hydroelectric production, 
        for irrigation, for recreation, for the protection and 
        enhancement of fish and wildlife populations, and for flood 
        control, with that body to be responsible and accountable for 
        spending funds for these purposes;
            (2) To facilitate the maintenance of an open transmission 
        system in the Northwest based on Commission rules and to ensure 
        its reliability; and
            (3) To assure that the Bonneville Power Administration 
        retains the ability to meet its unique financial obligations to 
        the U.S. Treasury, to fish and wildlife projects, to the 
        bondholders of the Washington Public Power Supply System, and 
        to remain a competitive wholesale supplier of electricity.

SEC. 502. COLUMBIA RIVER FISH AND WILDLIFE COORDINATION AND GOVERNANCE.

    This section is reserved.

SEC. 503. PACIFIC NORTHWEST FEDERAL TRANSMISSION ACCESS.

    The Commission's rules on nondiscriminatory open access to 
transmission services provided by public utilities, including its rules 
on standards of conduct, shall also apply to transmission services 
provided by the Bonneville Power Administration, except as otherwise 
provided by the Commission by rule if it is in the public interest, or 
except as necessitated by the requirements of section 504 or 506 of 
this Act. Except as provided in sections 504 and 508 of this Act, rates 
for transmission imposed by the Administrator shall continue to be 
established and reviewed and approved in accordance with the provisions 
of otherwise applicable Federal laws.

SEC. 504. TRANSITION COST MECHANISM.

    If the Bonneville Power Administration proposes a charge to recover 
its transition costs resulting from this Act, the Energy Policy Act, or 
the Commission's Order No. 888, a transition cost recovery mechanism 
shall be developed and adopted by the Commission within 180 days of the 
filing of the proposal with the Commission.

SEC. 505. INDEPENDENT SYSTEM OPERATOR PARTICIPATION.

    Notwithstanding any other provision of law, the Administrator of 
the Bonneville Power Administration may participate in a regulated 
Independent System Operator subject to the jurisdiction of the 
Commission pursuant to section 112 of this Act.

SEC. 506. FINANCIAL OBLIGATIONS.

    Section 503, 504 and 505 of this Act shall be interpreted and 
implemented in a manner that does not adversely affect the security of 
the Bonneville Power Administration's Washington Public Power Supply 
System net-billing and other third-party financing arrangements.

SEC. 507. PROHIBITION ON RETAIL SALES.

    Except as provided in section 5(d) of the Northwest Power Act (16 
U.S.C. 839c(d)), the Administrator shall not market, sell or dispose of 
electric power to any end use or retail customers that did not have a 
contract for the purchase of electric power with the Administrator for 
services to specific facilities as of October 1, 1997.

SEC. 508. CLARIFICATION OF COMMISSION AUTHORITY.

    Section 7(a)(2) of the Pacific Northwest Electric Power Planning 
and Conservation Act (16 U.S.C. 839e(a)(2)) is amended--
            (1) by deleting the word ``costs,'' in paragraph (B);
            (2) by striking the period at the end of paragraph (C) and 
        inserting in lieu thereof ``, and''; and
            (3) by adding at the end thereof the following new 
        paragraph:
                    ``(D) insofar as transmission rates are concerned, 
                the rates do not discriminate between transmission 
                users or classes of users in a manner that has the 
                effect of unreasonably denying transmission access 
                under section 503 of this Act.''

SEC. 509. REPEALED STATUTE.

    Section 6 of the Federal Columbia River Transmission System Act (16 
U.S.C. 838d) is hereby repealed.

                  TITLE VI--TENNESSEE VALLEY AUTHORITY

SEC. 601. COMPETITION IN SERVICE TERRITORY.

    Notwithstanding any other provision of law, beginning on January 1, 
2002, all retail and wholesale electric energy suppliers shall have the 
right to sell retail and wholesale electric energy to persons that 
currently purchase retail or wholesale electric energy either directly 
from the Tennessee Valley Authority or persons purchasing electric 
energy from the Tennessee Valley Authority.

SEC. 602. ABILITY TO SELL ELECTRIC ENERGY.

    (a) TVA.--Notwithstanding any other provision of law, the Tennessee 
Valley Authority may sell wholesale electric energy to any person, 
subject to any restrictions imposed pursuant to Section 104(a) of this 
Act, beginning on January 1, 2002.
    (b) Power Customers.--Notwithstanding any other provision of law, 
persons that currently purchase wholesale electric energy from the 
Tennessee Valley Authority may sell wholesale and retail electric 
energy to any persons subject to any restrictions imposed pursuant to 
section 104(a) of this Act, beginning on January 1, 2002.

SEC. 603. TERMINATION OF CONTRACTS.

    (a) Notice..--Beginning on January 1, 2001, the Tennessee Valley 
Authority shall allow any person that has executed a contract to 
purchase retail or wholesale electric energy from it to terminate such 
contract upon one year's notice.
    (b) Stranded Costs.--Each person holding a contract that is 
terminated pursuant to subsection (a) shall be responsible for retail 
or wholesale stranded costs as determined by the Commission.

SEC. 604. RATES FOR ELECTRIC ENERGY.

    (a) Establishment.--Notwithstanding any other provision of law, the 
Board of Directors of the Tennessee Valley Authority shall establish, 
and periodically review and revise, rates for the sale and disposition 
of wholesale and retail electric energy and for the transmission of 
electric energy by the Tennessee Valley Authority. Such rates shall be 
established and, as appropriate, revised to recover, in accordance with 
sound business principles, the costs associated with the generation, 
acquisition, conservation, transmission, and distribution of electric 
energy, including the payment of principal and interest on the 
Authority's bonds over a reasonable period.
    (b) Commission Review.--Rates established under this section shall 
become effective only upon confirmation and approval by the Commission, 
upon a finding by the Commission that such rates are sufficient to 
ensure repayment of the Authority's bonds over a reasonable number of 
years after first meeting the Authority's legitimate, prudent, and 
verifiable costs.

SEC. 605. PRIVATIZATION STUDY.

    (a) Requirement for Preparation of Study.--The Board of Directors 
of the Tennessee Valley Authority shall prepare a study for selling its 
electric power program (excluding dams and appurtenant works and 
structures) to private investors and, not later than two years after 
the date of enactment of this Act, shall submit such plan to the 
Congress.
    (b) Contents of Study.--The study shall consider the following--
            (1) both the sale of the Authority's electric power program 
        as a whole and the sale of some or all of its component parts;
            (2) alternative means of selling the Authority's electric 
        power program or its component parts, including a public stock 
        offering, a private placement of stock, or the sale of assets; 
        and
            (3) the effect of any sale on--
                    (A) electric rates and competition in the regional 
                electricity market,
                    (B) the operation of the Authority's nonpower 
                programs, and
                    (C) the repayment of the Authority's debt.
    (c) Additional Elements.--The study shall also include--
            (1) An estimate of the amount of revenue that the United 
        States Treasury would receive under each of the alternatives 
        considered;
            (2) the Board's analysis of the feasibility of each of the 
        alternatives considered and its recommendation either for 
        retaining the Authority's power program under federal ownership 
        or the preferred alternative for selling it to private 
        investors; and
            (3) the Board's recommendation of whether the Authority's 
        dams should--
                    (A) be transferred to the Department of the Army 
                Corps of Engineers and responsibility for marketing 
                electric energy produced by such dams assigned to the 
                Southeastern Power Marketing Administration, or
                    (B) continue to be controlled by, and the electric 
                energy they produce continue to be marketed by the 
                Tennessee Valley Authority.
    (d) Further Action.--The Board of Directors shall take not action 
to implement the sale of the Authority's power program without further 
legislation authorizing such action.
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