Congress passes amendment to Federal Power Act aimed at reducing regulation, energy prices
With a unanimous vote from the House of Representatives, Congress passed legislation last week that would amend the Federal Power Act to include a minimum threshold of $10 million for mergers and acquisitions of facilities to be subject to Federal Energy Regulatory Commission (FERC) scrutiny.
The bill, authored by U.S. Rep. Tim Walberg (R-MI), was also advanced by the Senate earlier this month. The amendment now heads to the president’s desk for signature.
“The federal government should be making it easier for the economy to grow and innovation to flourish, not harder,” U.S. Rep. Fred Upton (R-MI) and Energy and Commerce Committee Chairman Greg Walden (R-OR) said in a statement. “Today’s bipartisan legislation takes practical steps to cut unnecessary bureaucratic red tape while ensuring consumers are getting affordable and reliable electricity. This is yet another example of the Energy and Commerce Committee eliminating costly, burdensome regulations and providing relief for American families.”
The old threshold for review was $50,000. By increasing the minimum, supporters say it will cut down on paperwork, lower energy prices and keep FERC moving quicker.
