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32 energywatch-inc.com / 212.616.5100 / 1261 Broadway, Suite 510 New York, NY 10001 Federal Electric Utility A utility that is owned or financed by the federal government. Federal Energy Regulatory Commission (FERC) The FERC is a federal agency with jurisdiction over all types of electricity sales and certifications, specifically: interstate electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, oil pipeline rates, and gas pipeline certification. The FERC is an independent regulatory agency within the Department of Energy umbrella. Federal Power Act First enacted in 1920, and later amended in 1935, the Federal Power Act has three parts. The first part incorporated the Federal Water Power Act that was administered by the former Federal Power Commission. Their activities were confined to licensing non-Federal hydroelectric projects. Upon the passage of the Public Utility Act, parts II and III were added. These parts specifically extended jurisdiction to include regulation of the interstate transmission of electrical energy and rates for its sale in interstate commerce. The Federal Energy Regulatory Commission is now in charge of monitoring interstate transmission and electricity sales. FERC guidelines An entire compilation of the FERC's statutes, procedural and program regulations, orders, opinions, and historical decisions. Fossil fuels Fossil fuels are a source of energy formed in the Earth's crust from decayed organic material. The most common fossil fuels are petroleum, coal, and natural gas. Framework Convention on Climate Change (FCCC) An agreement started at the "Earth Summit" in Rio de Janeiro, Brazil, on June 4, 1992, with the goal of stabilizing greenhouse gas concentrations in the atmosphere at a level that would significantly prevent forced climate change. Also see United Nations Framework Convention on Climate Change (UNFCCC).