97-34108. Information Collection Submitted for Review and Request for Comments

[Federal Register Volume 62, Number 250 (Wednesday, December 31, 1997)]
[Notices]
[Page 68278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-34108]


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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission
[FERC-525]


Information Collection Submitted for Review and Request for 
Comments

December 24, 1997.
AGENCY: Federal Energy Regulatory Commission.

ACTION: Notice of submission for review by the Office of Management and 
Budget (OMB) and request for comments.

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SUMMARY: The Federal Energy Regulatory Commission (Commission) has 
submitted the energy information collection listed in this notice to 
the Office of Management and Budget (OMB) for review under provisions 
of Section 3507 of the Paperwork Reduction Act of 1995 (Pub. L. No. 
104-13). Any interested person may file comments on the collection of 
information directly with OMB and should address a copy of those 
comments to the Commission as explained below. The Commission received 
no comments in response to an earlier Federal Register notice of August 
8, 1997 (62 FR 42768) and has made this notation in its submission to 
OMB.

DATES: Comments regarding this collection of information are best 
assured of having their full effect if received or on before January 
30, 1998.

ADDRESSES: Address comments to Office of Management and Budget, Office 
of Information and Regulatory Affairs, Attention: Federal Energy 
Regulatory Commission, Desk Officer, 726 Jackson Place, NW., 
Washington, DC 20503. A copy of the comments should also be sent to 
Federal Energy Regulatory Commission, Division of Information Services, 
Attention: Mr. Michael Miller, 888 First Street NE., Washington, DC 
20426.

FOR FURTHER INFORMATION CONTACT: Michael Miller may be reached by 
telephone at [phone], by fax at [phone], and by e-mail at 
[e-mail].

SUPPLEMENTARY INFORMATION:

Description

    The energy information collection submitted to OMB for review 
contains:
    1. Collection of Information: FERC-525 ``Financial Audits''.
    2. Sponsor: Federal Energy Regulatory Commission.
    3. Control No.: OMB No. 1902-0092. The Commission is now requesting 
that OMB approve a three-year extension of the current expiration date, 
with no changes to the existing collection. There is a decrease in the 
reporting burden because the Commission is revamping its audit program 
to concentrate on compliance with issues related to Order Nos. 636 and 
888 including issues that impede competition among companies. This 
shift in the emphasis of its audits is to gather information necessary 
to evaluate the regulatory implications of overseeing industry 
practices and standards in a competitive environment. These are 
mandatory collection requirements.
    4. Necessity of Collection of Information: Submission of the 
information is necessary to enable the Commission to carry out its 
responsibilities in implementing the provisions of the Federal Power 
Act (FPA), the Natural Gas Act (NGA), and the Interstate Commerce Act 
(ICA). The information reported under Commission identifier FERC-525 is 
filed in accordance with Sections 4(b), 208, 301(b), 302, 307 and 308 
of the FPA, Sections 6, 8(b), 9 and 10 of the NGA and Sections 19 and 
20 of the ICA. The Commission also conducts reviews to ensure 
respondents comply with requirements established under Commission Order 
Nos. 636 and 888. These audits are performed to ensure that financial 
records and reports of entities regulated by the Commission comply with 
its accounting and reporting requirements and to provide assurance of 
the reliability of companies' financial data for both the Commission 
and investor purposes. The information gathered during the audits forms 
the basis of the audit staff's opinion regarding the reliability of 
financial data filed with the Commission by companies; the extent of 
conformance by companies to the Uniform System of Accounts and other 
regulations of the Commission, and compliance with the Commission's 
regulation for open access transportation of natural gas and electric 
energy including standards of conduct and electronic bulletin board 
posting of transportation/transmission availability and pricing.
    5. Respondent Description: The respondent universe currently 
comprises, on average, 77 respondents.
    6. Estimated Burden: 7,700 total burden hours, 77 respondents, 1 
response annually, 100 hours per response (average).
    7. Estimated Cost Burden to Respondents: 7,700 hours  2,088 
hours per year  x  $110,000 per year = $405,846, average cost per 
respondent = $5,271.

    Statutory Authority: Sections 4(b), 208, 301(b), 302, 307, 308 
of the FPA, 16 U.S.C. 792-828g; Sections 6, 8(b), 9 and 10 of the 
NGA, 15 U.S.C. 717-717w; and Sections 19 and 20 of the ICA, 49 
U.S.C. 19 and 20.
Lois D. Cashell,
Secretary.
[FR Doc. 97-34108 Filed 12-30-97; 8:45 am]
BILLING CODE 6717-01-M