FERC recently clarified the reporting requirements that apply to entities that sell power at market-based rates ("Sellers") when they engage in transactions or execute contracts that change the characteristics they had when first granted market based rate authority (i.e., "Change in Status" events). FERC's "clarifications," however, leave a number of questions unanswered. The reporting
... [Show full abstract] requirements continue to be complex and ambiguous. FERC remains unwilling to adopt "safe harbors" that would limit its flexibility in the future. Perhaps most important, some of FERC's clarifications make the reporting requirements more broadly applicable than originally expected. Parties to trans- actions that involve changes in ownership or control over generation facilities, trans- mission facilities, or inputs to electricity production, will therefore need to carefully examine their, and their affiliates', report- ing obligations.