Legacy
The utility industry and would-be owners of utilities lobbied Congress heavily to repeal PUHCA, claiming that it was outdated. On August 8, 2005, the Energy Policy Act of 2005 passed both houses of Congress and was signed into law, repealing PUHCA, despite consumer, environmental, union and credit rating agency objections. The repeal became effective on February 8, 2006.
It was replaced by a much weaker set of laws called the "Public Utility Holding Company Act of 2005" which gave the FERC a limited role in allocating the costs of multi-state electric utility holding companies to individual operating subsidiaries. The 2005 Act had many provisions which applied to just electric subsidiary to the exclusion of natural gas subsidiaries of Holding Companies. On December 8, 2005, FERC recommended that Congress amend the 2005 Act to give FERC (1) cost allocation authority over gas subsidiaries, and (2) greater enforcement authority over gas subsidiaries, but Congress has not acted on FERC's request.
Read more about this topic: Public Utility Holding Company Act Of 1935
Famous quotes containing the word legacy:
“What is popularly called fame is nothing but an empty name and a legacy from paganism.”
—Desiderius Erasmus (c. 1466–1536)