General Commitment. The signatories are committed to an international electric reliability organization that is effective and that functions in general accordance with the “Principles for an Electric Reliability Organization that can Function on an International Basis” (Bilateral Electric Reliability Oversight Group, August 3, 2005) (the “Bilateral Principles”). Ontario’s current legislative framework does not expressly contemplate approval by the Board of NERC’s By-laws or Rules of Procedure. However, the signatories acknowledge that NERC must function as an international organization, having in particular a single set of By-laws and Rules of Procedure acceptable to all regulators. To that end, NERC will inform the Board of, and seek the Board’s input on, any proposed changes to NERC’s By-laws and Rules of Procedure.
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Sources: Memorandum of Understanding, Memorandum of Understanding