PART 366—BOOKS AND RECORDS Authority: 15 U.S.C. 717 et seq., et seq., Source: Order 667-A, 71 FR 28457, May 16, 2006, unless otherwise noted. Subpart A—Definitions and Provisions Under PUHCA 2005, the Federal Power Act and the Natural Gas Act § 366.1 Definitions. For purposes of this part: Affiliate. Associate company. Commission. Company. Construction. Electric utility company. Exempt wholesale generator. Foreign utility company. (1) Derives no part of its income, directly or indirectly, from the generation, transmission, or distribution of electric energy for sale or the distribution at retail of natural or manufactured gas for heat, light, or power, within the United States; and (2) Neither the company nor any of its subsidiary companies is a public-utility company operating in the United States. Gas utility company. Goods. Holding company In general. (i) Any company that directly or indirectly owns, controls, or holds, with power to vote, 10 percent or more of the outstanding voting securities of a public-utility company or of a holding company of any public-utility company; and (ii) Any person, determined by the Commission, after notice and opportunity for hearing, to exercise directly or indirectly (either alone or pursuant to an arrangement or understanding with one or more persons) such a controlling influence over the management or policies 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. (2) Exclusions. (i) A bank, savings association, or trust company, or their operating subsidiaries that own, control, or hold, with the power to vote, public utility or public utility holding company securities so long as the securities are— (A) Held as collateral for a loan; (B) Held in the ordinary course of business as a fiduciary; or (C) Acquired solely for purposes of liquidation and in connection with a loan previously contracted for and owned beneficially for a period of not more than two years; or (ii) A broker or dealer that owns, controls, or holds with the power to vote public utility or public utility holding company securities so long as the securities are— (A) Not beneficially owned by the broker or dealer and are subject to any voting instructions which may be given by customers or their assigns; or (B) Acquired in the ordinary course of business as a broker, dealer, or underwriter with the bona fide intention of effecting distribution within 12 months of the specific securities so acquired. Holding company system. Jurisdictional rates. Natural gas company. Person. Public utility. Public-utility company. Service. Service company. State commission. Subsidiary company. (1) 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 (2) Any person, the management or policies of which the Commission, after notice and opportunity for hearing, determines to be subject to a controlling influence, directly or indirectly, by such holding company (either alone or pursuant to an arrangement or understanding with one or more other persons) so as to make it necessary 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 subsidiary companies of holding companies. Voting security. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 667-B, 71 FR 42755, July 28, 2006; Order 731, 74 FR 68529, Dec. 28, 2009] § 366.2 Commission access to books and records. (a) In general. (1) The United States; (2) A state or political subdivision of a state; (3) Any foreign governmental authority not operating in the United States; (4) Any agency, authority, or instrumentality of any entity referred to in paragraphs (a)(1), (2), or (3) of this section; or (5) Any officer, agent, or employee of any entity referred to in paragraphs (a)(1), (2), (3), or (4) of this section as such in the course of his or her official duty. (b) Affiliate companies. (c) Holding company systems. (d) E-Tag Authors and Balancing Authorities. (1) e-Tags for interchange transactions scheduled to flow into, out of or within the United States' portion of the Eastern or Western Interconnections, or into the Electric Reliability Council of Texas from the United States' portion of the Eastern or Western Interconnection; or from the Electric Reliability Council of Texas into the United States' portion of the Eastern or Western Interconnection; and (2) Information on every aspect of the e-Tag, including all applicable e-Tag IDs, transaction types, market segments, physical segments, profile sets, transmission reservations, and energy schedules. In addition, e-Tag Authors and Balancing Authorities must also make available, upon request to the e-Tag Authors and Balancing Authorities, access to the complete e-Tags, or any successor to e-Tags, used to schedule the transmission of electric power in wholesale markets, to Regional Transmission Organizations, Independent System Operators, and their Market Monitoring Units, on an ongoing basis, subject to appropriate confidentiality restrictions. (e) Confidentiality. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 771, 77 FR 76379, Dec. 28, 2012] § 366.3 Exemption from Commission access to books and records; waivers of accounting, record-retention, and reporting requirements. (a) Exempt classes of entities. (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) Exemptions of additional persons and classes of transactions Commission authority to exempt additional persons and classes of transactions. (i) The Commission finds that the books, accounts, memoranda, and other records of any person are not relevant to the jurisdictional rates of a public utility or natural gas company; or (ii) The Commission finds that any class of transactions is not relevant to the jurisdictional rates of a public utility or natural gas company. (2) Commission exemption of additional persons and classes of transactions. (i) Passive investors, so long as the ownership remains passive, including: (A) Mutual funds, (B) Collective investment vehicles whose assets are managed by banks, savings and loan associations and their operating subsidiaries, or brokers/dealers; and (C) Persons that directly, or indirectly through their subsidiaries or affiliates, buy and sell the securities of public-utility companies in the ordinary course of business as a broker/dealer, underwriter or fiduciary, and not exercising operational control over such companies; (ii) Commission-jurisdictional utilities that have no captive customers and that are not affiliated with any jurisdictional utility that has captive customers, and that do not own Commission-jurisdictional transmission facilities or provide Commission-jurisdictional transmission services and that are not affiliated with persons that own Commission-jurisdictional transmission facilities or provide Commission-jurisdictional transmission services, and holding companies that own or control only such utilities; (iii) Transactions where the holding company affirmatively certifies on behalf of itself and its subsidiaries, as applicable, that it will not charge, bill or allocate to the public utility or natural gas company in its holding company system any costs or expenses in connection with goods and services transactions, and will not engage in financing transactions with any such public utility or natural gas company; (iv) Transactions between or among affiliates that are independent of and do not include a public utility or natural gas company; (v) Electric power cooperatives; (vi) Local distribution companies that are not regulated as “natural gas companies” pursuant to sections 1(b) or 1(c) of the Natural Gas Act, (15 U.S.C. 717(b), (c)). (vii) Natural gas companies that distribute natural or manufactured gas at retail to industrial or electric generation customers and/or distribute de minimis (c) Waivers. (1) Single-state holding company systems; for purposes of § 366.3(c)(1), a holding company system will be deemed to be a single-state holding company system if the holding company system derives no more than 13 percent of its public-utility company revenues from outside a single state (for purposes of this waiver, revenues derived from exempt wholesale generators, foreign utility companies and qualifying facilities will not be considered public-utility company revenues); (2) Holding companies that own generating facilities that total 100 MW or less in size and are used fundamentally for their own load or for sales to affiliated end-users; or (3) Investors in independent transmission-only companies. (d) Other requests for exemptions and waivers. (e) Nothing in paragraphs (a)-(d) of this section shall affect the authority of the Commission under the Federal Power Act (16 U.S.C. 791 et seq. et seq. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 667-B, 71 FR 42755, July 28, 2006] § 366.4 FERC-65, notification of holding company status, FERC-65A, exemption notification, and FERC-65B, waiver notification. (a) Notification of holding company status. (2) The notification required pursuant to § 366.4(a)(1) shall be made by submitting FERC-65 (notification of holding company status), which shall contain the following: The identity of the holding company and of the public utilities and natural gas companies in the holding company system; the identity of service companies, including special-purpose subsidiaries providing non-power goods and services; the identity of all affiliates and subsidiaries; and their corporate relationship to each other. This filing will be for informational purposes and will not be noticed in the Federal Register, (3) Notwithstanding § 366.4(a)(1) and (2), holding companies that are exempt holding companies pursuant to § 366.3(a) are not required to notify the Commission of their status or to submit FERC-65 (notification of holding company status). (b) FERC-65A (exemption notification) and petitions for exemption. Federal Register (ii) Persons who file FERC-65A must include a form of notice suitable for publication in the Federal Register (iii) Persons who file FERC-65A in good faith shall be deemed to have a temporary exemption upon filing. (iv) If the Commission has taken no action within 60 days after the date of filing FERC-65A, the exemption shall be deemed to have been granted. The Commission may toll the 60-day period to request additional information or for further consideration of the request; in such case, the temporary exemption will remain in effect until such time as the Commission has determined whether to grant or deny the exemption. Authority to toll the 60-day period is delegated to the Secretary or the Secretary's designee. (v) Paragraph (b)(1)(ii) of this section shall cease to have effect on December 5, 2026, unless the Commission determines that the cessation deadline should be extended to a date not more than 5 years in the future after offering the public an opportunity to provide input on the costs and benefits of paragraph (b)(1)(ii) and considering that input. The Commission will publish a document in the Federal Register (2) Notwithstanding § 366.4(b)(1), persons that are exempt holding companies pursuant to § 366.3(a) are not required to file FERC-65A (exemption notification). (3)(i) Persons that do not qualify for exemption pursuant to § 366.3(b)(2) may seek an individual exemption from this subchapter. They may not do so by means of filing FERC-65A and instead must file a petition for declaratory order as required under § 366.3(d). Such petitions will be noticed in the Federal Register (ii) Persons that file a petition must include a form of notice suitable for publication in the Federal Register (iii) No temporary exemption will attach upon filing and the requested exemption will be effective only if approved by the Commission. (iv) Persons may also seek exemptions for classes of transactions by filing a petition for declaratory order pursuant to § 385.207(a) of this chapter justifying the request for exemption. Any person seeking such an exemption shall bear the burden of demonstrating that such exemption is warranted. (v) Paragraph (b)(3)(ii) of this section shall cease to have effect on December 5, 2026, unless the Commission determines that the cessation deadline should be extended to a date not more than 5 years in the future after offering the public an opportunity to provide input on the costs and benefits of paragraph (b)(3)(ii) and considering that input. The Commission will publish a document in the Federal Register (c) FERC-65B (waiver notification) and petitions for waiver. Federal Register (ii) Persons who file FERC-65B must include a form of notice suitable for publication in the Federal Register (iii) Persons who file FERC-65B in good faith shall be deemed to have a temporary exemption upon filing. (iv) If the Commission has taken no action within 60 days after the date of filing of FERC-65B, the waiver shall be deemed to have been granted. The Commission may toll the 60-day period to request additional information or for further consideration of the request; in such case, the temporary waiver will remain in effect until such time as the Commission has determined whether to grant or deny the waiver. Authority to toll the 60-day period is delegated to the Secretary or the Secretary's designee. (v) Paragraph (c)(1)(ii) of this section shall cease to have effect on December 5, 2026, unless the Commission determines that the cessation deadline should be extended to a date not more than 5 years in the future after offering the public an opportunity to provide input on the costs and benefits of paragraph (c)(1)(ii) and considering that input. The Commission will publish a document in the Federal Register (2)(i) Persons that do not qualify for waiver pursuant to § 366.3(c) may seek an individual waiver from this subchapter. They may not do so by means of filing FERC-65B and instead must file a petition for declaratory order as required under § 366.3(d). Such petitions will be noticed in the Federal Register (ii) Persons that file a petition must include a form of notice suitable for publication in the Federal Register (iii) No temporary waiver will attach upon filing and the requested exemption will be effective only if approved by the Commission. (iv) Persons may also seek waivers for classes of transactions by filing a petition for declaratory order pursuant to § 385.207(a) of this chapter justifying the request for waiver. Any person seeking such waiver shall bear the burden of demonstrating that such waiver is warranted. (v) Paragraph (c)(2)(ii) of this section shall cease to have effect on December 5, 2026, unless the Commission determines that the cessation deadline should be extended to a date not more than 5 years in the future after offering the public an opportunity to provide input on the costs and benefits of paragraph (c)(2)(ii) and considering that input. The Commission will publish a document in the Federal Register (d) Procedure for notification of material change in facts. (i) Submit a new FERC-65A (exemption notification) or FERC-65B (waiver notification) or a petition for declaratory order, pursuant to paragraphs (b) or (c) of this section, as appropriate; (ii) File a written explanation why the material change in facts does not affect the exemption or waiver; or (iii) Notify the Commission that it no longer seeks to maintain its exemption or waiver. (2) If there is a material change in facts that may affect the automatic exemption allowed under § 366.3(a) of this subpart, the person receiving the exemption or waiver shall within 30 days of the material change in facts: (i) Submit a FERC-65A (exemption notification) or FERC-65B (waiver notification) or a petition for declaratory order, pursuant to paragraphs (b) or (c) of this section, as appropriate; (ii) File a written explanation why the material change in facts does not affect the exemption; or (iii) Notify the Commission that it no longer seeks to maintain its exemption. (e) Revocation of exemption or waiver. (2) The Commission may, on its own motion or on the complaint of any person, revoke the exemption or waiver granted under § 366.3(a) or paragraphs (b) or (c) of this section, if the person fails to conform to any of the criteria under this part for exemption or waiver. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 699, 72 FR 45326, Aug. 14, 2007; Order 914, 90 FR 48404, Oct. 21, 2025] § 366.5 Allocation of costs for non-power goods and services. (a) Commission review. (b) Exemptions. (c) Other classes of transactions. (d) Nothing in paragraphs (a)-(c) of this section shall affect the authority of the Commission under the Federal Power Act (16 U.S.C. 791 et seq. et seq. § 366.6 Previously authorized activities. (a) General. (b) Financing Authorizations. § 366.7 Procedures for obtaining exempt wholesale generator and foreign utility company status. (a) Self-certification notice procedure. Federal Register (2) Persons that file a notice of self-certification must include a form of notice suitable for publication in the Federal Register (3) A person filing a notice of self-certification in good faith will be deemed to have temporary exempt wholesale generator or foreign utility company status. (4) If the Commission takes no action within 60 days from the date of filing of the notice of self-certification, the self-certification shall be deemed to have been granted; however, consistent with section 32(c) of the Public Utility Holding Company Act of 1935 (15 U.S.C. 79z-5a (c)) any self-certification of an exempt wholesale generator may not become effective until the relevant state commissions have made the determinations provided for therein if such determinations are necessary (if such determinations are not necessary, the notice of self-certification should state so). The Commission may toll the 60-day period to request additional information, or for further consideration of the request; in such cases, the person's exempt wholesale generator or foreign utility company status will remain temporary until such time as the Commission has determined whether to grant or deny exempt wholesale generator or foreign utility company status; however, consistent with section 32(c) of the Public Utility Holding Company Act of 1935 (15 U.S.C. 79z-5a (c)), any self-certification of an exempt wholesale generator may not become effective until the relevant state commissions have made the determinations provided for therein if such determinations are necessary (if such determinations are not necessary, the notice of self-certification should state so). Authority to toll the 60-day period is delegated to the Secretary or the Secretary's designee, and authority to act on uncontested notices of self-certification is delegated to the General Counsel or the General Counsel's designee. (5) Paragraph (a)(2) of this section shall cease to have effect on December 5, 2026, unless the Commission determines that the cessation deadline should be extended to a date not more than 5 years in the future after offering the public an opportunity to provide input on the costs and benefits of paragraph (a)(2) and considering that input. The Commission will publish a document in the Federal Register (b) Optional procedure for Commission determination of exempt wholesale generator status or foreign utility company status. (2) Persons that file petitions must include a form of notice suitable for publication in the Federal Register (3) Paragraph (b)(2) of this section shall cease to have effect on December 5, 2026, unless the Commission determines that the cessation deadline should be extended to a date not more than 5 years in the future after offering the public an opportunity to provide input on the costs and benefits of paragraph (b)(2) and considering that input. The Commission will publish a document in the Federal Register (c) Procedure for notification of material change in facts. (1) Submit a new notice of self-certification or a new petition for declaratory order, pursuant to paragraphs (a) or (b) of this section, as appropriate; (2) File a written explanation why the material change in facts does not affect its status; or (3) Notify the Commission that it no longer seeks to maintain its exempt wholesale generator or foreign utility company status. (d) Revocation of status. (2) The Commission may, on its own motion or on the complaint of any person, revoke the status of a facility or company, if the facility or company fails to conform to any of the criteria under this part for such status. (e) An exempt wholesale generator shall not be subject to any requirements of this part other than § 366.7, i.e. i.e. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 667-B, 71 FR 42756, July 28, 2006; Order 914, 90 FR 48405, Oct. 21, 2025] Subpart B—Accounting and Recordkeeping Under PUHCA 2005, the Federal Power Act and the Natural Gas Act § 366.21 Accounts and records of holding companies. (a) General. (b) Unless otherwise exempted or granted a waiver by Commission rule or order pursuant to §§ 366.3 and 366.4, beginning January 1, 2008, all holding companies must comply with the Commission's records retention requirements for holding companies and service companies as prescribed in part 368 of this chapter. Until December 31, 2007, holding companies registered under the Public Utility Holding Company Act of 1935 (15 U.S.C. 79a et seq. (c) Nothing in this section shall relieve any company subject thereto from compliance with the requirements as to recordkeeping and record-retention that may be prescribed by any other regulatory agency. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 684, 71 FR 65226, Nov. 7, 2006] § 366.22 Accounts and records of service companies. (a) Record-retention requirements General. (2) Transition period. et seq. (3) Nothing in this section shall relieve any service company subject thereto from compliance with requirements as to record-retention that may be prescribed by any other regulatory agency. (b) Accounting requirements General. See (i) Records other than accounts; (ii) Records required by Federal or State law; (iii) Subaccounts or supporting accounts which are not inconsistent with the accounts required either by the Uniform System of Accounts for Centralized Service Companies in part 367 of this chapter; and (iv) Any other accounts that may be authorized by the Commission. (2) Transition period. et seq. (3) Nothing in this section shall relieve any service company subject thereto from compliance with requirements as to accounting that may be prescribed by any other regulatory agency. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 684, 71 FR 65226, Nov. 7, 2006] § 366.23 FERC Form No. 60, Annual reports of centralized service companies, and FERC-61, Narrative description of service company functions. (a) General FERC Form No. 60. see (2) FERC-61. e.g. (3) For good cause shown, the Commission may extend the time within which any such report or narrative description required to be filed pursuant to paragraphs (a)(1) or (2) of this section is to be filed or waive the requirements applicable to any such report or narrative description. (b) Transition period. et seq. [Order 667-A, 71 FR 28457, May 16, 2006, as amended by Order 691, 72 FR 5174, Feb. 5, 2007; Order 731, 74 FR 68529, Dec. 28, 2009]