FERC Extends Same Old Forms, Yawn
Published Date: 2/7/2025
Notice
Summary
FERC is extending the deadline for three important forms (FERC 60, 61, and 555A) that companies use to report their services and keep records. This extension keeps the current rules with no changes, giving companies more time to comply without extra costs. If you’re involved with these forms, make sure to send your comments by April 8, 2025!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Three-year extension with no changes
FERC is extending approval of the information collections for FERC Form No. 60, FERC-61, and FERC-555A for three years with no changes to the reporting requirements. The notice keeps the current filing and recordkeeping obligations in place and invites comments by April 8, 2025.
FERC Form No. 60 annual filing burden
If you operate a centralized service company, you must file FERC Form No. 60 annually. FERC estimates 37 respondents file once per year with an average burden of 78 hours and $7,800 per respondent; total annual burden is 2,886 hours and $288,600.
FERC-555A records preservation burden
Holding companies and service companies subject to PUHCA 2005 must follow FERC-555A record preservation rules. FERC estimates 51 respondents with an average annual burden of 1,080 hours and $42,692.40 per respondent, total annual labor cost $2,177,312.40, plus estimated electronic storage cost of $10 per respondent ($510 total).
FERC-61 narrative filing requirement
If your service company is exempt or waived from Form 60, you must file FERC-61 annually with a narrative description of functions. FERC estimates 14 respondents file once per year with an average burden of 0.5 hours and $50 per respondent; total annual burden is 7 hours and $700.
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