The Federal Energy Regulatory Commission (FERC) issued Order No. 704-C recently to clarify certain aspects of Form 552, "under which natural gas market participants must annually report information regarding physical natural gas transactions that use an index or that contribute to or may contribute to the formation of a gas index." Among other things, Order No. 704-C exempts from reporting any unexercised options to take gas under take-or-release contracts; addresses the exemption for unprocessed natural gas transactions (not all are exempt); and exempts cash-out and imbalance transactions.
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