Somehow, I think there is more to this than is being covered. The following is from
The National Law Journal:
"But several critical issues divide the two measures, among them the way PUHCA would be repealed. The Senate bill gives increased merger authority to the Federal Energy Regulatory Commission to compensate for regulatory oversight that would go the way of PUHCA, while the House bill does not."
I highly doubt that Congress would allow such thing to go without some supervision, just like with many other oversights they have over the business world. And if for some reason they do, then a secondary law would have to be filed and passed to remedy the issue.
