Prescribes procedural guidelines for both Federal Energy Regulatory Commission (FERC) and State access to records of a holding company (including subsidiaries, associates, and affiliates) of a public utility or natural gas company.
Instructs FERC to promulgate a final rule to exempt specified holding companies from such access requirements. Requires FERC to exempt any person or transaction from such access requirements if it finds that regulation of such person or transaction is irrelevant to the jurisdictional rates of a public utility or natural gas company.
Retains the jurisdiction of FERC and State commissions to determine whether a public utility company or natural gas company may recover in rates any costs of associate company transactions.
Declares this Act inapplicable to: (1) the United States; (2) a State or its political subdivision; and (3) a foreign governmental authority not operating in the United States.
Grants FERC certain Federal Power Act enforcement powers.
Amends the Federal Power Act to repeal its conflict of jurisdiction guidelines.