報告書番号

Y05031

タイトル（和文）

米国電気事業規制当局による事業者の合併審査 -包括エネルギー法による新しいFERCの権限-

タイトル（英文）

The Merger Review by the Federal Regulatory Authority in the U.S. - New FERC'a Authority to Review Merger by EPAct 2005 -

概要 （図表や脚注は「報告書全文」に掲載しております）

事業規制法である連邦動力法に基づく米・連邦エネルギー規制委員会(FERC)の合併審査権限と、反トラスト法に基づく反トラスト当局の合併調査権限との間の関係と、2005年8月に成立した包括エネルギー法によるFERCの審査権限の見直しの内容についてとりまとめた。その上で、日本における電気事業者の関係する合併・買収について検討する上で、課題となる点を整理した。FERCは、合併・買収が競争に与える影響、料金に与える影響、規制に与える影響の3つを評価軸として、申請された合併・買収が公益に合致しているかを判断しており、その中でも競争に与える影響を最も重視している。このため、両者は重複しているという批判が、事業者を中心として主張されていた。包括エネルギー法では、FERCの合併審査の見直しが行われたが、反トラスト当局による合併調査との関係の見直しについては、先送りされた。

概要 （英文）

In the United States, the Federal Energy Regulatory Commission (FERC) has the authority to review mergers & acquisitions (M&A) of public utilities, based on the Sec.203 of the Federal Power Act (FPA). FERC's merger review process has been seriously criticized by utilities, mainly because the current merger review system is duplicative with the merger review by the federal antitrust agencies, such as Department of Justice (DOJ) / Federal Trade Commission (FTC).The Energy Policy Act of 2005 (EPAct 2005) that President Bush signed on August 8, 2005 amended FPA Sec.203 and gave FERC broader authority to review public utility mergers as a compensation for repeal the Public Utilities Holding Company Act (PUHCA). Congress did not tackle with the most significant concerns with FERC's administration of its merger review authority.This report discusses FERC's regime changes in FERC's merger review authority as adopted by EPAct 2005 and FERC's practices to implement its new authority. The major findings are follows:1 Under the Merger Policy Statement, FERC employs a three-part test in analyzing mergers, consisting of a review of the effects on competition, rates and regulation.To review of the effects on competition, FERC adopted the process for analyzing mergers contained in the Department of Justice (DOJ)/Federal Trade Commission (FTC) Merger Guideline.2 Critics of FERC's merger review authority make several arguments. One argument is because the regulatory approach relies upon the participation of interveners, FERC is not in a position to afford the same level of confidentiality to sensitive business information as DOJ/FTC. Another argument is mergers can drag on for years without resolution, because of FERC's lengthy and adversarial merger review process.3 The key changes of FPA Sec.203 amended by EPAct 2005 include (1) extending the scope of FERC review to include transactions involving certain transfers of existing generation facilities that is intended to be used for wholesale sales in interstate commerce and holding company, (2) requiring FERC to find that a transaction will not result in cross-subsidization of a non-utility associate company, and (3) directing FERC to adopt procedures to expedite the merger application process.4 In Japan, based on the Sec.10 of the Electricity Utilities Industry Law, the Minister of Economy, Trade and Industry has the authority to approve M&A of public utilities. However, the law does not mention texplicitly such essential issues, like the security of supply under the competitive environment.

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