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Public Power Risk Management Act of 2013

Floor Speech

By: Jim Costa
By: Jim Costa
Date: June 12, 2013
Location: Washington, DC
Issues: Business and Consumers Energy

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Mr. COSTA. Madam Speaker, I rise in support of the bi-partisan, H.R. 1038, the Public Power Risk Management Act of 2013.

This bill allows producers, utility companies, and other non-financial entities (swap counterparties) to continue entering into energy swaps with government-owned utilities (aka: utility special entities) without requiring them to register with the CFTC as a ``swap dealer'' solely because of their dealings with government-owned utilities.

There are over 2,000 municipal, state and locally-owned, not-for-profit electric utilities throughout the United States, which deliver electricity to one in every seven electricity customers in the United States, over 47 million people. Further, the vast majority of public power companies serve communities with populations of 10,000 people or less.

Utility special entities should be allowed to keep using traditional swap counterparties, such as natural gas producers, independent generators, and investor-owned utility companies to help manage their operational risk related to the generation of electricity or production of natural gas.

I urge my colleagues to support this commonsense, bipartisan legislation.

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