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• Does not provide sufficient consumer protections. While the bill includes a ban on <br /> round-trip trades and the filing of false information, and instructs FERC to establish <br /> market transparency rules, these changes are minimized by a savings clause that <br /> prevents FERC from regulating other providers of information. New merger review <br /> provisions do not provide for review of convergence mergers. Further, the total time <br /> for FERC review of a merger is limited to 365 days, and the threshold of asset <br /> dispositions triggering FERC review is raised to $10 million. <br /> • Voluntary Transmission Pricing Plans (Participant Funding). Enables <br /> transmission owners, RTOs and ISOs to propose transmission-financing plans for <br /> transmission upgrades that FERC must approve and that could impose "participant <br /> funding" in every case. <br /> • Section 1241 —Transmission Infrastructure Investment. Requires a FERC <br /> rulemaking on transmission rate incentives, with some incentives applicable to all <br /> investor-owned transmission owners (TOs), and significant incentives applicable to <br /> TOs that participate in RTOs or ISOs (including accelerated depreciation of new <br /> transmission over 15 years). This provision could lead to significantly higher <br /> transmission rates that will be borne by consumers. <br /> • Does not include tradable tax credits. The bill includes production tax credits for <br /> generation from renewable energy, and a new tax credit for production from <br /> "advanced nuclear power facilities." But it does not include tradable tax credits for <br /> public power systems that develop renewable energy production facilities. <br /> Minnesota Municipal Utilities Association <br /> February 2004 <br />