FERC Filings

COMMENTS OF THE ELECTRIC POWER SUPPLY ASSOCIATION ON ACCOUNTING AND REPORTING OF FINANCIAL INSTRUMENTS, COMPREHENSIVE INCOME, DERIVATIVE AND HEDGING ACTIVITIES

INTRODUCTION

The Electric Power Supply Association (EPSA) appreciates the opportunity to comment on the Federal Energy Regulatory Commission’s (Commission) notice of proposed rulemaking (NOPR) issued on December 20, 2001, proposing changes to its Uniform System of Accounts to follow the changes by the Financial Accounting Standards Board (FASB) in its requirements regarding financial derivatives.

Jurisdictional entities with market-based rate authority, many of whom are EPSA members have heretofore been exempt from the Commission’s Uniform System of Accounts, and other accounting and reporting requirements, and thus would not be subject to the proposed rule. However, the NOPR questions whether the Commission should continue the exemptions for independent and affiliated entities with market-based rates. EPSA hereby files the following comments.

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