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Final Recommendations from the FERC Information Assessment Team to Enhance Electricity Market Transparency

In response to the evolving needs of electricity markets, the FERC Information Assessment Team (FIAT) was assembled to enhance transparency while reducing reporting burdens. The team was tasked with identifying necessary information, proposing streamlined reporting methods, and institutionalizing a continuous review process. This report outlines eight key final recommendations aimed at improving definitions, data submission processes, and the use of electronic formats, all intended to foster greater clarity in electricity market operations.

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Final Recommendations from the FERC Information Assessment Team to Enhance Electricity Market Transparency

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  1. March 2, 2005 Commission Meeting FERC Information Assessment Team (FIAT) Final Recommendations

  2. Background On January 12, 2004, the Chairman convened an inter-office team (FIAT) and charged the team to assess the Commission’s information needs to promote greater transparency in electricity markets

  3. Team Goals • Goal 1: Identify what information is needed to promote greater transparency in electricity markets • Goal 2: Propose ways to reduce reporting burden through the elimination, reduction, streamlining or reformatting of current information collections • Goal 3: Propose plan to institutionalize continuous Commission-wide review of information needs.

  4. Past Year’s Events • One year ago, presented team’s goals to the Commission • In April 2004, submitted Interim Report to the Chairman presenting staff-generated ideas

  5. Past Year’s Events (cont.) • Designed and sent goal 1 and 2 surveys to FERC staff, Federal agencies, trade associations, NARUC and Federal power authorities • Held follow-up meetings with trade associations

  6. Past Year’s Events (cont.) • In July 2004, summarized survey results for the Chairman • In Oct. 2004, reported tentative recommendations to Chairman and senior staff • In Jan. 2005, reached consensus on Final Recommendations

  7. Final Recommendations • There are three Goal 1 and seven Goal 2 recommendations ready to be drafted into proposed rules • The team has submitted a plan to implement a continuous information review process

  8. Goal 1 Final Recommendations

  9. 1. Adopt or modify new NERC definitions and methodologies for: • Total Transfer Capability (TTC) • Available Transfer Capability (ATC) • Transmission Reliability Margin (TRM), with Capacity Benefit Margin (CBM) stated separately by region

  10. 2. Require the posting on OASIS of: • Standardized definitions of TTC, ATC, TRM, CBM, and • Simultaneous import capability (SIC)

  11. Obtain standardized, accessible generator run status information on a confidential basis: This information is relevant to economic dispatch and market power analyses

  12. Goal 2 Final Recommendations

  13. 1. FERC Form 73 – Oil Pipeline Service Life Data • Delete outmoded filing procedures • Provide option to file in Excel spreadsheet format • Reduce certain data requirements such as identifying utility codes

  14. 2. FERC 512 – Application for Preliminary Permit • Change requirement to file progress report from semi-annually to annually • Eliminate need to identify proposed generation market area and related power system information at preliminary permit stage

  15. 3. FERC 516/ Order 580 – Nuclear Plant Decommissioning Trust Fund Guidelines • Eliminate need for utilities owning nuclear units to file information on each purchase and sale of investments • Require continued internal maintenance of those records

  16. 4. FERC 520 – Application for Authorization of Interlocking Directorates Require the e-filing of FERC 520 data AND . . .

  17. Form 561 – Annual Report of Interlocking Directorates FERC 566 – Annual Report of Utility’s 20 Largest Purchasers • Require submission of information in electronic, web-based format • Create database to cross-reference captured information • Coordinate filed information with FERC 520 compliance reviews

  18. FERC 523 – Application for Authorization to Issue Securities • Convert filing to electronic, web-based format • Facilitate easier staff financial analyses of filed data

  19. FERC 576 – Report of Gas Service Interruptions • Update filing methods and standardize filing format • Provide CEII protection to safeguard pipeline security • Develop filing tracking method • E-notify staff of filings

  20. FERC 588 – Emergency Natural Gas Sale, Transportation, and Exchange Transactions • Update filing method and standardize filing format • Provide CEII protection to safeguard sensitive information • Develop filing tracking method • E-notify staff of filings

  21. ICAT Goal 3: Create Standing Cross-Office Team Charged with Ongoing Review of New and Current Information Needs • Proposed Team Name: ICAT (Information Collection Assessment Team) • Proposed Logo:

  22. Team Members • Virginia Strasser, Team Leader, OAL • Samuel Berrios, Jr., OMOI • William O. Blome, OGC • James B. Caruso, OMOI (now retired) • Edward J. Fowlkes, OEP • Joseph Lynch, OGC • Michael P. Miller, OED • Patricia Morris, OMOI • Michelle E. Veloso, OMTR • Nicole Wilson, Signal IT (contractor)

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