579
‘‘(B) A regulation under subparagraph (A) shall 
be enforceable in accordance with the provisions of 
law applicable to enforcement of regulations under 
the Federal Power Act (16 U.S.C. 791a et seq.). 
‘‘(n) RULEMAKING FOR NEW QUALIFYING FACILI-
TIES.—(1)(A) Not later than 180 days after the date of 
enactment of this section, the Commission shall issue a 
rule revising the criteria in 18 C.F.R. 292.205 for new 
qualifying cogeneration facilities seeking to sell electric en-
ergy pursuant to section 210 of this Act to ensure—
‘‘(i) that the thermal energy output of a new 
qualifying cogeneration facility is used in a produc-
tive and beneficial manner; 
‘‘(ii) the electrical, thermal, and chemical out-
put of the cogeneration facility is used fundamen-
tally for industrial, commercial, or institutional pur-
poses and is not intended fundamentally for sale to 
an electric utility, taking into account technological, 
efficiency, economic, and variable thermal energy re-
quirements, as well as State laws applicable to sales 
of electric energy from a qualifying facility to its 
host facility; and 
‘‘(iii) continuing progress in the development of 
efficient electric energy generating technology.
580
‘‘(B) The rule issued pursuant to paragraph (1)(A) 
of this subsection shall be applicable only to facilities that 
seek to sell electric energy pursuant to section 210 of this 
Act. For all other purposes, except as specifically provided 
in subsection (m)(2)(A), qualifying facility status shall be 
determined in accordance with the rules and regulations 
of this Act. 
‘‘(2) Notwithstanding rule revisions under paragraph 
(1), the Commission’s criteria for qualifying cogeneration 
facilities in effect prior to the date on which the Commis-
sion issues the final rule required by paragraph (1) shall 
continue to apply to any cogeneration facility that—
‘‘(A) was a qualifying cogeneration facility on 
the date of enactment of subsection (m), or 
‘‘(B) had filed with the Commission a notice of 
self-certification, self-recertification or an application 
for Commission certification under 18 C.F.R. 
292.207 prior to the date on which the Commission 
issues the final rule required by paragraph (1).’’. 
(b) ELIMINATION OF OWNERSHIP LIMITATIONS.—
(1) QUALIFYING
SMALL
POWER
PRODUCTION 
FACILITY.—Section 3(17)(C) of the Federal Power 
Act (16 U.S.C. 796(17)(C)) is amended to read as 
follows:
581
‘‘(C) ‘qualifying small power production fa-
cility’ means a small power production facility 
that the Commission determines, by rule, meets 
such requirements (including requirements re-
specting fuel use, fuel efficiency, and reliability) 
as the Commission may, by rule, prescribe;’’. 
(2) QUALIFYING
COGENERATION
FACILITY.—
Section 3(18)(B) of the Federal Power Act (16 
U.S.C. 796(18)(B)) is amended to read as follows: 
‘‘(B) 
‘qualifying 
cogeneration 
facility’ 
means a cogeneration facility that the Commis-
sion determines, by rule, meets such require-
ments (including requirements respecting min-
imum size, fuel use, and fuel efficiency) as the 
Commission may, by rule, prescribe;’’. 
SEC. 1254. INTERCONNECTION. 
(a) ADOPTION OF STANDARDS.—Section 111(d) of 
the Public Utility Regulatory Policies Act of 1978 (16 
U.S.C. 2621 (d) ) is amended by adding at the end the 
following: 
‘‘(16) INTERCONNECTION.—Each electric utility 
shall make available, upon request, interconnection 
service to any electric consumer that the electric 
utility serves. For purposes of this paragraph, the 
term ‘interconnection service’ means service to an
582
electric consumer under which an on-site generating 
facility on the consumer’s premises shall be con-
nected to the local distribution facilities. Inter-
connection services shall be offered based upon the 
standards developed by the Institute of Electrical 
and Electronics Engineers: IEEE Standard 1547 for 
Interconnecting Distributed Resources with Electric 
Power Systems, as they may be amended from time 
to time. In addition, agreements and procedures 
shall be established whereby the services are offered 
shall promote current best practices of interconnec-
tion for distributed generation, including but not 
limited to practices stipulated in model codes adopt-
ed by associations of state regulatory agencies. All 
such agreements and procedures shall be just and 
reasonable, and not unduly discriminatory or pref-
erential.’’. 
(b) COMPLIANCE.—
(1) TIME LIMITATIONS.—Section 112 (b) of the 
Public Utility Regulatory Policies Act of 1978 (16 
U.S.C. 2622(b)) is amended by adding at the end 
the following: 
‘‘(3)(A) Not later than one year after the enact-
ment of this paragraph, each State regulatory au-
thority (with respect to each electric utility for which
583
it has ratemaking authority) and each nonregulated 
utility shall commence the consideration referred to 
in section 111, or set a hearing date for consider-
ation, with respect to the standard established by 
paragraph (16) of section 111(d). 
‘‘(B) Not later than two years after the date of 
the enactment of the this paragraph, each State reg-
ulatory authority (with respect to each electric utility 
for which it has ratemaking authority), and each 
nonregulated electric utility, shall complete the con-
sideration, and shall make the determination, re-
ferred to in section 111 with respect to each stand-
ard established by paragraph (16) of section 
111(d).’’. 
(2) FAILURE TO COMPLY.—Section 112 (d) f 
the Public Utility Regulatory Policies Act of 1978 
(16 U.S.C. 2622 (c)) is amended by adding at the 
end the following: ‘‘In the case of the standard es-
tablished by paragraph (16), the reference contained 
in this subsection to the date of enactment of this 
Act shall be deemed to be a reference to the date of 
enactment of paragraph (16).’’. 
(3) PRIOR STATE ACTIONS.—
(A) IN
GENERAL.—Section 112 of the 
Public Utility Regulatory Policies Act of 1978
584
(16 U.S.C. 2622) is amended by adding at the 
end the following: 
‘‘(d) PRIOR STATE ACTIONS.—Subsections (b) and 
(c) of this section shall not apply to the standards estab-
lished by paragraphs (16) of section 111(d) in the case 
of any electric utility in a State if, before the enactment 
of this subsection—
‘‘(1) the State has implemented for such utility 
the standard concerned (or a comparable standard); 
‘‘(2) the State regulatory authority for such 
State or relevant nonregulated electric utility has 
conducted a proceeding to consider implementation 
of the standard concerned (or a comparable stand-
ard) for such utility; or 
‘‘(3) the State legislature has voted on the im-
plementation of such standard (or a comparable 
standard) for such utility.’’. 
(B) CROSS REFERENCE.—Section 124 of 
such Act (16 U.S.C. 2634) is amended by add-
ing the following at the end thereof: ‘‘In the 
case of each standard established by paragraph 
(16) of section 111(d), the reference contained 
in this subsection to the date of enactment of 
the Act shall be deemed to be a reference to the 
date of enactment of paragraph (16).’’.
585
Subtitle F—Repeal of PUHCA 
SEC. 1261. SHORT TITLE. 
This subtitle may be cited as the ‘‘Public Utility 
Holding Company Act of 2005’’. 
SEC. 1262. DEFINITIONS. 
For purposes of this subtitle: 
(1) AFFILIATE.—The term ‘‘affiliate’’ of a com-
pany means any company, 5 percent or more of the 
outstanding voting securities of which are owned, 
controlled, or held with power to vote, directly or in-
directly, by such company. 
(2) ASSOCIATE COMPANY.—The term ‘‘associate 
company’’ of a company means any company in the 
same holding company system with such company. 
(3) COMMISSION.—The term ‘‘Commission’’ 
means the Federal Energy Regulatory Commission. 
(4) COMPANY.—The term ‘‘company’’ means a 
corporation, partnership, association, joint stock 
company, business trust, or any organized group of 
persons, whether incorporated or not, or a receiver, 
trustee, or other liquidating agent of any of the fore-
going. 
(5) ELECTRIC
UTILITY
COMPANY.—The term 
‘‘electric utility company’’ means any company that 
owns or operates facilities used for the generation,
586
transmission, or distribution of electric energy for 
sale. 
(6) EXEMPT
WHOLESALE
GENERATOR
AND 
FOREIGN
UTILITY
COMPANY.—The terms ‘‘exempt 
wholesale generator’’ and ‘‘foreign utility company’’ 
have the same meanings as in sections 32 and 33, 
respectively, of the Public Utility Holding Company 
Act of 1935 (15 U.S.C. 79z–5a, 79z–5b), as those 
sections existed on the day before the effective date 
of this subtitle. 
(7) GAS
UTILITY
COMPANY.—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 or distribution to tenants or employees of 
the company operating such facilities for their own 
use and not for resale) of natural or manufactured 
gas for heat, light, or power. 
(8) HOLDING
COMPANY.—The term ‘‘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 secu-
rities of a public-utility company or of a holding 
company of any public-utility company; and
587
(B) any person, determined by the Com-
mission, after notice and opportunity for hear-
ing, to exercise directly or indirectly (either 
alone or pursuant to an arrangement or under-
standing with 1 or more persons) such a con-
trolling influence over the management or poli-
cies of any public-utility company or holding 
company as to make it necessary or appropriate 
for the rate protection of utility customers with 
respect to rates that such person be subject to 
the obligations, duties, and liabilities imposed 
by this subtitle upon holding companies. 
(9) HOLDING
COMPANY
SYSTEM.—The term 
‘‘holding company system’’ means a holding com-
pany, together with its subsidiary companies. 
(10) JURISDICTIONAL RATES.—The term ‘‘ju-
risdictional rates’’ means rates accepted or estab-
lished by the Commission for the transmission of 
electric energy in interstate commerce, the sale of 
electric energy at wholesale in interstate commerce, 
the transportation of natural gas in interstate com-
merce, and the sale in interstate commerce of nat-
ural gas for resale for ultimate public consumption 
for domestic, commercial, industrial, or any other 
use.
588
(11) NATURAL GAS COMPANY.—The term ‘‘nat-
ural gas company’’ means a person engaged in the 
transportation of natural gas in interstate commerce 
or the sale of such gas in interstate commerce for 
resale. 
(12) PERSON.—The term ‘‘person’’ means an 
individual or company. 
(13) PUBLIC UTILITY.—The term ‘‘public util-
ity’’ means any person who owns or operates facili-
ties used for transmission of electric energy in inter-
state commerce or sales of electric energy at whole-
sale in interstate commerce. 
(14) PUBLIC-UTILITY
COMPANY.—The term 
‘‘public-utility company’’ means an electric utility 
company or a gas utility company. 
(15) STATE
COMMISSION.—The term ‘‘State 
commission’’ means any commission, board, agency, 
or officer, by whatever name designated, of a State, 
municipality, or other political subdivision of a State 
that, under the laws of such State, has jurisdiction 
to regulate public utility companies. 
(16) SUBSIDIARY COMPANY.—The term ‘‘sub-
sidiary company’’ of a holding company means—
(A) any company, 10 percent or more of 
the outstanding voting securities of which are
589
directly or indirectly owned, controlled, or held 
with power to vote, by such holding company; 
and 
(B) any person, the management or poli-
cies of which the Commission, after notice and 
opportunity for hearing, determines to be sub-
ject to a controlling influence, directly or indi-
rectly, by such holding company (either alone or 
pursuant to an arrangement or understanding 
with 1 or more other persons) so as to make it 
necessary for the rate protection of utility cus-
tomers with respect to rates that such person 
be subject to the obligations, duties, and liabil-
ities imposed by this subtitle upon subsidiary 
companies of holding companies. 
(17) VOTING SECURITY.—The term ‘‘voting se-
curity’’ means any security presently entitling the 
owner or holder thereof to vote in the direction or 
management of the affairs of a company. 
SEC. 1263. REPEAL OF THE PUBLIC UTILITY HOLDING COM-
PANY ACT OF 1935. 
The Public Utility Holding Company Act of 1935 (15 
U.S.C. 79 et seq.) is repealed.
590
SEC. 1264. FEDERAL ACCESS TO BOOKS AND RECORDS. 
(a) IN GENERAL.—Each holding company and each 
associate company thereof shall maintain, and shall make 
available to the Commission, such books, accounts, memo-
randa, and other records as the Commission determines 
are relevant to costs incurred by a public utility or natural 
gas company that is an associate company of such holding 
company and necessary or appropriate for the protection 
of utility customers with respect to jurisdictional rates. 
(b) AFFILIATE COMPANIES.—Each affiliate of a hold-
ing company or of any subsidiary company of a holding 
company shall maintain, and shall make available to the 
Commission, such books, accounts, memoranda, and other 
records with respect to any transaction with another affil-
iate, as the Commission determines are relevant to costs 
incurred by a public utility or natural gas company that 
is an associate company of such holding company and nec-
essary or appropriate for the protection of utility cus-
tomers with respect to jurisdictional rates. 
(c) HOLDING COMPANY SYSTEMS.—The Commission 
may examine the books, accounts, memoranda, and other 
records of any company in a holding company system, or 
any affiliate thereof, as the Commission determines are 
relevant to costs incurred by a public utility or natural 
gas company within such holding company system and
591
necessary or appropriate for the protection of utility cus-
tomers with respect to jurisdictional rates. 
(d) CONFIDENTIALITY.—No member, officer, or em-
ployee of the Commission shall divulge any fact or infor-
mation that may come to his or her knowledge during the 
course of examination of books, accounts, memoranda, or 
other records as provided in this section, except as may 
be directed by the Commission or by a court of competent 
jurisdiction. 
SEC. 1265. STATE ACCESS TO BOOKS AND RECORDS. 
(a) IN GENERAL.—Upon the written request of a 
State commission having jurisdiction to regulate a public-
utility company in a holding company system, the holding 
company or any associate company or affiliate thereof, 
other than such public-utility company, wherever located, 
shall produce for inspection books, accounts, memoranda, 
and other records that—
(1) have been identified in reasonable detail in 
a proceeding before the State commission; 
(2) the State commission determines are rel-
evant to costs incurred by such public-utility com-
pany; and 
(3) are necessary for the effective discharge of 
the responsibilities of the State commission with re-
spect to such proceeding.
592
(b) LIMITATION.—Subsection (a) does not apply to 
any person that is a holding company solely by reason of 
ownership of 1 or more qualifying facilities under the Pub-
lic Utility Regulatory Policies Act of 1978 (16 U.S.C. 
2601 et seq.). 
(c) CONFIDENTIALITY OF INFORMATION.—The pro-
duction of books, accounts, memoranda, and other records 
under subsection (a) shall be subject to such terms and 
conditions as may be necessary and appropriate to safe-
guard against unwarranted disclosure to the public of any 
trade secrets or sensitive commercial information. 
(d) EFFECT ON STATE LAW.—Nothing in this sec-
tion shall preempt applicable State law concerning the pro-
vision of books, accounts, memoranda, and other records, 
or in any way limit the rights of any State to obtain books, 
accounts, memoranda, and other records under any other 
Federal law, contract, or otherwise. 
(e) COURT JURISDICTION.—Any United States dis-
trict court located in the State in which the State commis-
sion referred to in subsection (a) is located shall have ju-
risdiction to enforce compliance with this section. 
SEC. 1266. EXEMPTION AUTHORITY. 
(a) RULEMAKING.—Not later than 90 days after the 
effective date of this subtitle, the Commission shall issue 
a final rule to exempt from the requirements of section
593
1264 (relating to Federal access to books and records) any 
person that is a holding company, solely with respect to 
1 or more—
(1) qualifying facilities under the Public Utility 
Regulatory Policies Act of 1978 (16 U.S.C. 2601 et 
seq.); 
(2) exempt wholesale generators; or 
(3) foreign utility companies. 
(b) OTHER AUTHORITY.—The Commission shall ex-
empt a person or transaction from the requirements of 
section 1264 (relating to Federal access to books and 
records) if, upon application or upon the motion of the 
Commission—
(1) the Commission finds that the books, ac-
counts, memoranda, and other records of any person 
are not relevant to the jurisdictional rates of a pub-
lic utility or natural gas company; or 
(2) the Commission finds that any class of 
transactions is not relevant to the jurisdictional 
rates of a public utility or natural gas company. 
SEC. 1267. AFFILIATE TRANSACTIONS. 
(a) COMMISSION AUTHORITY UNAFFECTED.—Noth-
ing in this subtitle shall limit the authority of the Commis-
sion under the Federal Power Act (16 U.S.C. 791a et seq.) 
to require that jurisdictional rates are just and reasonable,
594
including the ability to deny or approve the pass through 
of costs, the prevention of cross-subsidization, and the 
issuance of such rules and regulations as are necessary 
or appropriate for the protection of utility consumers. 
(b) RECOVERY OF COSTS.—Nothing in this subtitle 
shall preclude the Commission or a State commission from 
exercising its jurisdiction under otherwise applicable law 
to determine whether a public-utility company, public util-
ity, or natural gas company may recover in rates any costs 
of an activity performed by an associate company, or any 
costs of goods or services acquired by such public-utility 
company from an associate company. 
SEC. 1268. APPLICABILITY. 
Except as otherwise specifically provided in this sub-
title, no provision of this subtitle shall apply to, or be 
deemed to include—
(1) the United States; 
(2) a State or any political subdivision of a 
State; 
(3) any foreign governmental authority not op-
erating in the United States; 
(4) any agency, authority, or instrumentality of 
any entity referred to in paragraph (1), (2), or (3); 
or
595
(5) any officer, agent, or employee of any entity 
referred to in paragraph (1), (2), (3), or (4) acting 
as such in the course of his or her official duty. 
SEC. 1269. EFFECT ON OTHER REGULATIONS. 
Nothing in this subtitle precludes the Commission or 
a State commission from exercising its jurisdiction under 
otherwise applicable law to protect utility customers. 
SEC. 1270. 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. 825e–825p) to enforce the provisions of 
this subtitle. 
SEC. 1271. SAVINGS PROVISIONS. 
(a) IN GENERAL.—Nothing in this subtitle, or other-
wise in the Public Utility Holding Company Act of 1935, 
or rules, regulations, or orders thereunder, prohibits a per-
son from engaging in or continuing to engage in activities 
or transactions in which it is legally engaged or authorized 
to engage on the date of enactment of this Act, if that 
person continues to comply with the terms (other than an 
expiration date or termination date) of any such author-
ization, whether by rule or by order. 
(b) EFFECT ON OTHER COMMISSION AUTHORITY.—
Nothing in this subtitle limits the authority of the Com-
596
mission under the Federal Power Act (16 U.S.C. 791a et 
seq.) or the Natural Gas Act (15 U.S.C. 717 et seq.). 
SEC. 1272. IMPLEMENTATION. 
Not later than 12 months after the date of enactment 
of this subtitle, the Commission shall—
(1) issue such regulations as may be necessary 
or appropriate to implement this subtitle (other than 
section 1265, relating to State access to books and 
records); and 
(2) submit to Congress detailed recommenda-
tions on technical and conforming amendments to 
Federal law necessary to carry out this subtitle and 
the amendments made by this subtitle. 
SEC. 1273. TRANSFER OF RESOURCES. 
All books and records that relate primarily to the 
functions transferred to the Commission under this sub-
title shall be transferred from the Securities and Exchange 
Commission to the Commission. 
SEC. 1274. EFFECTIVE DATE. 
(a) IN GENERAL.—Except for section 1272 (relating 
to implementation), this subtitle shall take effect 12 
months after the date of enactment of this subtitle. 
(b) COMPLIANCE WITH CERTAIN RULES.—If the 
Commission approves and makes effective any final rule-
making modifying the standards of conduct governing en-
597
tities that own, operate, or control facilities for trans-
mission of electricity in interstate commerce or transpor-
tation of natural gas in interstate commerce prior to the 
effective date of this subtitle, any action taken by a public-
utility company or utility holding company to comply with 
the requirements of such rulemaking shall not subject 
such public-utility company or utility holding company to 
any regulatory requirement applicable to a holding com-
pany under the Public Utility Holding Company Act of 
1935 (15 U.S.C. 79 et seq.). 
SEC. 1275. SERVICE ALLOCATION. 
(a) FERC REVIEW.—In the case of non-power goods 
or administrative or management services provided by an 
associate company organized specifically for the purpose 
of providing such goods or services to any public utility 
in the same holding company system, at the election of 
the system or a State commission having jurisdiction over 
the public utility, the Commission, after the effective date 
of this subtitle, shall review and authorize the allocation 
of the costs for such goods or services to the extent rel-
evant to that associate company in order to assure that 
each allocation is appropriate for the protection of inves-
tors and consumers of such public utility. 
(b) COST ALLOCATION.—Nothing in this section shall 
preclude the Commission or a State commission from exer-
598
cising its jurisdiction under other applicable law with re-
spect to the review or authorization of any costs allocated 
to a public utility in a holding company system located 
in the affected State as a result of the acquisition of non-
power goods or administrative and management services 
by such public utility from an associate company orga-
nized specifically for that purpose. 
(c) RULES.—Not later than 6 months after the date 
of enactment of this Act, the Commission shall issue rules 
(which rules shall be effective no earlier than the effective 
date of this subtitle) to exempt from the requirements of 
this section any company in a holding company system 
whose public utility operations are confined substantially 
to a single State and any other class of transactions that 
the Commission finds is not relevant to the jurisdictional 
rates of a public utility. 
(d) PUBLIC UTILITY.—As used in this section, the 
term ‘‘public utility’’ has the meaning given that term in 
section 201(e) of the Federal Power Act. 
SEC. 1276. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated such funds 
as may be necessary to carry out this subtitle.
599
SEC. 1277. CONFORMING AMENDMENTS TO THE FEDERAL 
POWER ACT. 
(a) CONFLICT OF JURISDICTION.—Section 318 of the 
Federal Power Act (16 U.S.C. 825q) is repealed. 
(b) DEFINITIONS.—(1) Section 201(g)(5) of the Fed-
eral Power Act (16 U.S.C. 824(g)(5)) is amended by strik-
ing ‘‘1935’’ and inserting ‘‘2005’’. 
(2) Section 214 of the Federal Power Act (16 U.S.C. 
824m) is amended by striking ‘‘1935’’ and inserting 
‘‘2005’’. 
Subtitle G—Market Transparency, 
Enforcement, 
and 
Consumer 
Protection 
SEC. 1281. MARKET TRANSPARENCY RULES. 
Part II of the Federal Power Act (16 U.S.C. 824 et 
seq.) is amended by adding at the end the following: 
‘‘SEC. 220. MARKET TRANSPARENCY RULES. 
‘‘(a) IN GENERAL.—Not later than 180 days after 
the date of enactment of this section, the Commission 
shall issue rules establishing an electronic information sys-
tem to provide the Commission and the public with access 
to such information as is necessary or appropriate to fa-
cilitate price transparency and participation in markets 
subject to the Commission’s jurisdiction under this Act. 
Such systems shall provide information about the avail-
ability and market price of wholesale electric energy and
600
transmission services to the Commission, State commis-
sions, buyers and sellers of wholesale electric energy, users 
of transmission services, and the public on a timely basis. 
The Commission shall have authority to obtain such infor-
mation from any electric utility or transmitting utility, in-
cluding any entity described in section 201(f). 
‘‘(b) EXEMPTIONS.—The Commission shall exempt 
from disclosure information it determines would, if dis-
closed, be detrimental to the operation of an effective mar-
ket or jeopardize system security. This section shall not 
apply to transactions for the purchase or sale of wholesale 
electric energy or transmission services within the area de-
scribed in section 212(k)(2)(A). In determining the infor-
mation to be made available under this section and time 
to make such information available, the Commission shall 
seek to ensure that consumers and competitive markets 
are protected from the adverse effects of potential collu-
sion or other anti-competitive behaviors that can be facili-
tated by untimely public disclosure of transaction-specific 
information. 
‘‘(c) COMMODITY
FUTURES
TRADING
COMMIS-
SION.—This section shall not affect the exclusive jurisdic-
tion of the Commodity Futures Trading Commission with 
respect to accounts, agreements, contracts, or transactions
601
in commodities under the Commodity Exchange Act (7 
U.S.C. 1 et seq.). 
‘‘(d) SAVINGS PROVISION.—In exercising its author-
ity under this section, the Commission shall not—
‘‘(1) compete with, or displace from the market 
place, any price publisher; or 
‘‘(2) regulate price publishers or impose any re-
quirements on the publication of information.’’. 
SEC. 1282. MARKET MANIPULATION. 
Part II of the Federal Power Act (16 U.S.C. 824 et 
seq.) is amended by adding at the end the following: 
‘‘SEC. 221. PROHIBITION ON FILING FALSE INFORMATION. 
‘‘No person or other entity (including an entity de-
scribed in section 201(f)) shall willfully and knowingly re-
port any information relating to the price of electricity 
sold at wholesale or availability of transmission capacity, 
which information the person or any other entity knew to 
be false at the time of the reporting, to a Federal agency 
with intent to fraudulently affect the data being compiled 
by such Federal agency. 
‘‘SEC. 222. PROHIBITION ON ROUND TRIP TRADING. 
‘‘(a) PROHIBITION.—No person or other entity (in-
cluding an entity described in section 201(f)) shall willfully 
and knowingly enter into any contract or other arrange-
602
ment to execute a ‘round trip trade’ for the purchase or 
sale of electric energy at wholesale. 
‘‘(b) DEFINITION.—For the purposes of this section, 
the term ‘round trip trade’ means a transaction, or com-
bination of transactions, in which a person or any other 
entity—
‘‘(1) enters into a contract or other arrange-
ment to purchase from, or sell to, any other person 
or other entity electric energy at wholesale; 
‘‘(2) simultaneously with entering into the con-
tract or arrangement described in paragraph (1), ar-
ranges a financially offsetting trade with such other 
person or entity for the same such electric energy, 
at the same location, price, quantity and terms so 
that, collectively, the purchase and sale transactions 
in themselves result in no financial gain or loss; and 
‘‘(3) enters into the contract or arrangement 
with a specific intent to fraudulently affect reported 
revenues, trading volumes, or prices.’’. 
SEC. 1283. ENFORCEMENT. 
(a) COMPLAINTS.—Section 306 of the Federal Power 
Act (16 U.S.C. 825e) is amended as follows: 
(1) By inserting ‘‘electric utility,’’ after ‘‘Any 
person,’’.