Reg and Dereg

The Federal Power Act.
The Federal Power Act (FPA), enacted in 1935, is the primary federal law that regulates the shareholder-owned segment of the electric power industry. The FPA regulates interstate wholesale power transactions and the transmission of electric power. The FPA also created the Federal Power Commission (FPC), which ensured that electricity rates were "reasonable, nondiscriminatory, and just to the consumer." In 1970, the FPC’s functions were transferred to the newly created Department of Energy and the Federal Energy Regulatory Commission (FERC).