(c) DEFINITIONS.—For purposes of this section:
(1) The term ‘‘affiliate’’ of a company 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 indirectly, by
such company.
(2) The term ‘‘associate company’’ of a com-
pany means any company in the same holding com-
pany system with such company.
(3) The term ‘‘Commission’’ means the Federal
Energy Regulatory Commission.
(4) The term ‘‘company’’ means a corporation,
partnership, association, joint stock company, busi-
ness trust, or any organized group of persons,
whether incorporated or not, or a receiver, trustee,
or other liquidating agent of any of the foregoing.
(5) The term ‘‘electric utility company’’ means
any person that owns or operates facilities used for
the generation, transmission, or distribution of elec-
tric energy for sale.
(6) The terms ‘‘exempt wholesale generator’’
and ‘‘foreign utility company’’ have the same mean-
ings as in sections 32 and 33, respectively, of the
Public Utility Holding Company Act of 1935, as
those sections existed on the day before the effective
date of this Act.
(7) 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) 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
(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 one 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 Act upon holding companies.
(9) The term ‘‘holding company system’’ means
a holding company, together with its subsidiary com-
panies.
(10) The term ‘‘jurisdictional rates’’ means
rates established by the Commission for the trans-
mission of electric energy in interstate commerce,
the sale of electric energy at wholesale in interstate
commerce, the transportation of natural gas in inter-
state commerce, and the sale in interstate commerce
of natural gas for resale for ultimate public con-
sumption for domestic, commercial, industrial, or
any other use.
(11) The term ‘‘natural 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) The term ‘‘person’’ means an individual or
company.
(13) The term ‘‘public utility’’ means any per-
son who owns or operates facilities used for trans-
mission of electric energy in interstate commerce or
sales of electric energy at wholesale in interstate
commerce.
(14) The term ‘‘public utility company’’ means
an electric utility company or a gas utility company.
(15) 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 util-
ity companies.
(16) The term ‘‘subsidiary company’’ of a hold-
ing company means—
(A) 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
(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 Act upon subsidiary com-
panies of holding companies.
(17) The term ‘‘voting security’’ means any se-
curity presently entitling the owner or holder thereof
to vote in the direction or management of the affairs
of a company.
(d) REPEAL
OF
THE PUBLIC UTILITY HOLDING
COMPANY ACT
OF 1935.—The Public Utility Holding
Company Act of 1935 (15 U.S.C. 79a et seq.) is repealed,
effective 12 months after the date of enactment of this
Act.
(e) FEDERAL ACCESS TO BOOKS AND RECORDS.—
(1) IN GENERAL.—Each holding company and
each associate company thereof shall maintain, and
shall make available to the Commission, such books,
accounts, memoranda, and other records as the
Commission deems to be 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
customers with respect to jurisdictional rates for the
transmission of electric energy in interstate com-
merce, the sale of electric energy at wholesale in
interstate commerce, the transportation of natural
gas in interstate commerce, and the sale in inter-
state commerce of natural gas for resale for ultimate
public consumption for domestic, commercial, indus-
trial, or any other use.
(2) AFFILIATE COMPANIES.—Each affiliate of a
holding company or of any subsidiary company of a
holding company shall maintain, and make available
to the Commission, such books, accounts, memo-
randa, and other records with respect to any trans-
action with another affiliate, as the Commission
deems to be 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.
(3) HOLDING COMPANY SYSTEMS.—The Com-
mission may examine the books, accounts, memo-
randa, and other records of any company in a hold-
ing company system, or any affiliate thereof, as the
Commission deems to be relevant to costs incurred
by a public utility or natural gas company within
such holding company system and necessary or ap-
propriate for the protection of utility customers with
respect to jurisdictional rates.