Abstract
The U.S. electricity industry - once the most stoic of industries - is currently is a state of great turmoil and flux. The root of this turmoil stems directly from Federal Energy Regulatory Commission's (FERC) ostensible efforts to bring competition and de-regulation to the electric utility industry through Order No. 888 and its progeny. In response to this recent onslaught of Section 203 merger applications, FERC's has issued a Notice of Proposed Rulemaking (NOPR) to codify its ad hoc merger analysis. As explained herein, because FERC's proposed codification of its various ad hoc merger analyses into a single cohesive paradigm unfortunately perpetuates the same flawed analytical assumptions underlying FERC's overall restructuring efforts, FERC's NOPR simply exacerbates the reality that FERC's restructuring policies tragically will harm - rather than appropriately benefit - overall consumer welfare.
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