View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1902-0242
ICR Reference No:
201206-1902-001
Status:
Historical Active
Previous ICR Reference No:
201006-1902-007
Agency/Subagency:
FERC
Agency Tracking No:
FERC-552
Title:
FERC-552, Annual Report of Natural Gas Transactions
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
08/13/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/12/2012
Terms of Clearance:
Pursuant to 5 CFR 1320 and the Paperwork Reduction Act, OMB approves this collection for three years.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2015
36 Months From Approved
08/31/2012
Responses
691
0
740
Time Burden (Hours)
6,910
0
2,960
Cost Burden (Dollars)
0
0
296,000
Abstract:
Congress directed the Commission to facilitate price transparency in markets for the sale or transportation of physical natural gas in interstate commerce , but that language does not limit the Commission to seeking information regarding only sales. Such markets include the purchases of physical natural gas. There is no market for the sale of natural gas that does not include purchases. The natural gas transparency provision language also provides for the dissemination, on a timely basis, of information about the availability and prices of natural gas sold at wholesale and interstate commerce. The Commission requires information regarding purchases of natural gas to evaluate the reliability of information regarding sales of natural gas. Additionally, the Commission needs the information to obtain a useful gauge of price transparency within natural gas markets. The FERC Form 552 provides greater transparency concerning the use of indices to price natural gas and how well index prices reflect market forces. Many market participants rely on indices to reference market prices without acquiring the risks of active trading. However, the Commission discovered that there was insufficient information available to the Commission and market participants in order to assess whether the gas indices are derived from a robust market of fixed-price transactions and, thus, accurately reflect market forces. For example, there was no way to determine the volumetric relationships between (a) the fixed-price, next day and next month delivery transactions that form gas price indices; and (b) transactions that use indices. The annual filing of transaction information by market participants is necessary to provide information regarding the size of the physical natural gas market, the use of the natural gas spot markets and the use of fixed- and indexed- price transactions. Without the most basic information about these volumetric relationships, the Commission has been hampered in its oversight and its ability to assess the adequacy of price-forming transactions. Market participants are likewise unable to evaluate their use of indexed transactions. Typically, market participants rely on index-priced transactions as a way to reference market prices without taking on the risks of active trading. These market participants rely on index prices, often whether or not those prices are derived from a robust market of fixed-price transactions.
Authorizing Statute(s):
US Code:
15 USC 717t-2
Name of Law: Natural Gas Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
77 FR 19009
03/29/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 40347
07/09/2012
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Annual Report of Natural Gas Transactions
552
FERC Transaction Report, FERC Form No. 552: Annual Report of Natural Gas Transactions
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
691
740
0
0
-49
0
Annual Time Burden (Hours)
6,910
2,960
0
0
3,950
0
Annual Cost Burden (Dollars)
0
296,000
0
0
-296,000
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The requirements within the FERC-552 did not change. However, the total estimated annual burden changed due to a revised internal estimates concerning 1)the number of proposed respondents and 2)the average estimated burden hours per response figure (the previous figure was found to be underestimated). Therefore, the estimated total annual burden for the FERC-552 information collection changed due to revision of the aforementioned factors.
Annual Cost to Federal Government:
$73,358
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Astrid Rapp 202 502-6264
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
07/12/2012
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