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National Rural Electric Cooperative Association v. Securities and Exchange Commission

SEC failed to explain how northeastern electricity provider's acquisition of independent western provider, which envisioned one-way power transmission from east to west, would satisfy statutory interconnection and single-area-or-region requirements.

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Argued October 4, 2001

Petition for Review of an Order of the Securities and Exchange Commission

The Securities and Exchange Commission authorized American Electric Power Company, which provides electricity services in a number of eastern and midwestern states, to acquire a company that provides electricity services in several distant southern and southwestern states. Challenging the Commission’s decision, two electric utility associations argue that the post-acquisition company will violate section 10 of the Public Utility Holding Company Act, 15 U.S.C. s 79j, which requires that any registered public-utility holding company comprise a “single integrated … system” that is “physically interconnected or capable of physical interconnection” and “confined in its operations to a single area or region,” id. ss 79j(c)(1); 79k(b)(1); 79b(a)(29)(A). Because the Commission failed to explain its conclusions regarding the interconnection requirement, and because it failed to justify its finding that the proposed acquisition will satisfy the single-area-or-region requirement, we vacate the Commission’s order and remand for further proceedings consistent with this opinion.

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