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(2) entered into— 
(A) for the purchase or sale of electric en-
ergy under section 205 of the Federal Power Act 
(16 U.S.C. 824d) where the seller has been au-
thorized by the Commission to charge market- 
based rates; or 
(B) under section 4 of the Natural Gas Act 
(15 U.S.C. 717c) where the natural gas company 
has been authorized by the Commission to charge 
market-based rates for the service described in 
the contract. 
(c) EXCLUSION.—This section shall not apply to an 
executed contract or executed contract amendment that ex-
pressly provides for a standard of review other than the 
public interest standard. 
(d) SAVINGS PROVISION.—With respect to contracts to 
which this section does not apply, nothing in this section 
alters existing law regarding the applicable standard of re-
view for a contract subject to the jurisdiction of the Com-
mission. 
SEC. 1287. CONSUMER PRIVACY AND UNFAIR TRADE PRAC-
TICES. 
(a) PRIVACY.—The Federal Trade Commission may 
issue rules protecting the privacy of electric consumers from 
the disclosure of consumer information obtained in connec-
505 
tion with the sale or delivery of electric energy to electric 
consumers. 
(b) SLAMMING.—The Federal Trade Commission may 
issue rules prohibiting the change of selection of an electric 
utility except with the informed consent of the electric con-
sumer or if approved by the appropriate State regulatory 
authority. 
(c) CRAMMING.—The Federal Trade Commission may 
issue rules prohibiting the sale of goods and services to an 
electric consumer unless expressly authorized by law or the 
electric consumer. 
(d) RULEMAKING.—The Federal Trade Commission 
shall proceed in accordance with section 553 of title 5, 
United States Code, when prescribing a rule under this sec-
tion. 
(e) STATE AUTHORITY.—If the Federal Trade Com-
mission determines that a State’s regulations provide equiv-
alent or greater protection than the provisions of this sec-
tion, such State regulations shall apply in that State in 
lieu of the regulations issued by the Commission under this 
section. 
(f) DEFINITIONS.—For purposes of this section: 
(1) STATE REGULATORY AUTHORITY.—The term 
‘‘State regulatory authority’’ has the meaning given
506 
that term in section 3(21) of the Federal Power Act 
(16 U.S.C. 796(21)). 
(2) ELECTRIC CONSUMER AND ELECTRIC UTIL-
ITY.—The terms ‘‘electric consumer’’ and ‘‘electric 
utility’’ have the meanings given those terms in sec-
tion 3 of the Public Utility Regulatory Policies Act 
of 1978 (16 U.S.C. 2602). 
Subtitle H—Merger Reform 
SEC. 1291. MERGER REVIEW REFORM AND ACCOUNT-
ABILITY. 
(a) MERGER REVIEW REFORM.—Within 180 days 
after the date of enactment of this Act, the Secretary of En-
ergy, in consultation with the Federal Energy Regulatory 
Commission and the Attorney General of the United States, 
shall prepare, and transmit to Congress each of the fol-
lowing: 
(1) A study of the extent to which the authorities 
vested in the Federal Energy Regulatory Commission 
under section 203 of the Federal Power Act are dupli-
cative of authorities vested in— 
(A) other agencies of Federal and State 
Government; and 
(B) the Federal Energy Regulatory Com-
mission, including under sections 205 and 206 of 
the Federal Power Act.
507 
(2) Recommendations on reforms to the Federal 
Power Act that would eliminate any unnecessary du-
plication in the exercise of regulatory authority or 
unnecessary delays in the approval (or disapproval) 
of applications for the sale, lease, or other disposition 
of public utility facilities. 
(b) MERGER REVIEW ACCOUNTABILITY.—Not later 
than 1 year after the date of enactment of this Act and 
annually thereafter, with respect to all orders issued within 
the preceding year that impose a condition on a sale, lease, 
or other disposition of public utility facilities under section 
203(b) of the Federal Power Act, the Federal Energy Regu-
latory Commission shall transmit a report to Congress ex-
plaining each of the following: 
(1) The condition imposed. 
(2) Whether the Commission could have imposed 
such condition by exercising its authority under any 
provision of the Federal Power Act other than under 
section 203(b). 
(3) If the Commission could not have imposed 
such condition other than under section 203(b), why 
the Commission determined that such condition was 
consistent with the public interest.
508 
SEC. 1292. ELECTRIC UTILITY MERGERS. 
(a) AMENDMENT.—Section 203(a) of the Federal 
Power Act (16 U.S.C. 824b(a)) is amended to read as fol-
lows: 
‘‘(a)(1) No public utility shall, without first having se-
cured an order of the Commission authorizing it to do so— 
‘‘(A) sell, lease, or otherwise dispose of the whole 
of its facilities subject to the jurisdiction of the Com-
mission, or any part thereof of a value in excess of 
$10,000,000; 
‘‘(B) merge or consolidate, directly or indirectly, 
such facilities or any part thereof with those of any 
other person, by any means whatsoever; or 
‘‘(C) purchase, acquire, or take any security with 
a value in excess of $10,000,000 of any other public 
utility. 
‘‘(2) No holding company in a holding company sys-
tem that includes a public utility shall purchase, acquire, 
or take any security with a value in excess of $10,000,000 
of, or, by any means whatsoever, directly or indirectly, 
merge or consolidate with, a public utility or a holding 
company in a holding company system that includes a pub-
lic utility with a value in excess of $10,000,000 without 
first having secured an order of the Commission authorizing 
it to do so.
509 
‘‘(3) Upon receipt of an application for such approval 
the Commission shall give reasonable notice in writing to 
the Governor and State commission of each of the States 
in which the physical property affected, or any part thereof, 
is situated, and to such other persons as it may deem advis-
able. 
‘‘(4) After notice and opportunity for hearing, the 
Commission shall approve the proposed disposition, consoli-
dation, acquisition, or change in control, if it finds that 
the proposed transaction will be consistent with the public 
interest. In evaluating whether a transaction will be con-
sistent with the public interest, the Commission shall con-
sider whether the proposed transaction— 
‘‘(A) will adequately protect consumer interests; 
‘‘(B) will be consistent with competitive whole-
sale markets; 
‘‘(C) will impair the financial integrity of any 
public utility that is a party to the transaction or an 
associate company of any party to the transaction; 
and 
‘‘(D) satisfies such other criteria as the Commis-
sion considers consistent with the public interest. 
‘‘(5) The Commission shall, by rule, adopt procedures 
for the expeditious consideration of applications for the ap-
proval of dispositions, consolidations, or acquisitions under
510 
this section. Such rules shall identify classes of transactions, 
or specify criteria for transactions, that normally meet the 
standards established in paragraph (4). The Commission 
shall provide expedited review for such transactions. The 
Commission shall grant or deny any other application for 
approval of a transaction not later than 180 days after the 
application is filed. If the Commission does not act within 
180 days, such application shall be deemed granted unless 
the Commission finds, based on good cause, that further 
consideration is required to determine whether the proposed 
transaction meets the standards of paragraph (4) and issues 
an order tolling the time for acting on the application for 
not more than 180 days, at the end of which additional 
period the Commission shall grant or deny the application. 
‘‘(6) For purposes of this subsection, the terms ‘asso-
ciate company’, ‘holding company’, and ‘holding company 
system’ have the meaning given those terms in the Public 
Utility Holding Company Act of 2005.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall take effect 12 months after the date of enact-
ment of this section.