Energy investors should take note of two recent orders from the Federal Energy Regulatory Commission (“FERC”). With these orders, FERC ruled for the first time that an entity that appoints a director to the board of a FERC-regulated “public utility” or a direct or indirect holding company of the public utility is a regulatory affiliate of the public utility solely by virtue of the directorship appointment and can be subject to FERC requirements. This Legal Update provides background, discusses the questions the orders raise, and notes important takeaways for investors.

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