On September 17, 2020, the Federal Energy Regulatory Commission (FERC or the “Commission”) issued a Notice of Inquiry (NOI) seeking comments on “potential risks to the bulk electric system posed by using equipment and services produced or provided by entities identified as risks to national security.”¹ The NOI focuses on certain entities that have been designated as risks to national security (“Covered Companies”)² that are owned, controlled or otherwise connected to China and “other nation-state adversaries.”³