S.1802 - Public Power Risk Management Act of 2013

A bill to provide equal treatment for utility special entities using utility operations-related swaps, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Public Power Risk Management Act of 2013 as introduced.
  • Official: A bill to provide equal treatment for utility special entities using utility operations-related swaps, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/11/13
 
 
 
 
 
 
 

Official Summary

Public Power Risk Management Act of 2013 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility

Official Summary

Public Power Risk Management Act of 2013 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility special entity as if such swap were entered into with an entity that is not a special entity. (Thus exempts an entity entering into a utility operations-related swap with a utility special entity from mandatory registration as a swap dealer.) Requires transactions in utility operations-related swaps to be reported according to requirements for the reporting of uncleared swaps. Defines \"utility special entity\" as a special entity, or any instrumentality, department, or corporation of or established by a state or local government, that:
(1) owns or operates an electric or natural gas facility or an electric or natural gas operation;
(2) supplies natural gas or electric energy to another utility special entity;
(3) has public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or
(4) is a federal power marketing agency. Redefines swap to include a utility operations-related swap. Defines \"utility operations-related swap\" as one that:
(1) is entered into to hedge or mitigate commercial risk;
(2) is associated with specified transactions in electric energy or natural gas; and
(3) is not a contract, agreement, or transaction based on, derived on, or referencing an interest rate, credit, equity, or currency asset class; or a metal, agricultural commodity, or crude oil or gasoline commodity of any grade, except as used as fuel for electric energy generation.

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