On October 19th, the FERC proposed a number of updates to the existing Electric Quarterly Report (EQR) filing requirements, including both the method of collection and the data being collected. The FERC also is proposing to adopt a new EQR system based on eXtensible Business Reporting Language-Comma-Separated Values (XBRL-CSV) standard.
Pursuant the Federal Power Act (FPA), the FERC regulates the transmission of electric energy in interstate commerce as well as the sale of electric energy at wholesale in interstate commerce. FPA section 205(c) allows the FERC to establish rules and regulations under which public utilities may file with the FERC schedules showing their rates, terms and conditions of jurisdictional service. The FERC adopted the EQR in 2002 (with the release of Order No. 2001) as the reporting tool for public utilities to use to comply with FPA section 205(c). The EQR makes data related to a public utility’s rates, terms and conditions of service publicly accessible in a convenient form and place.
Should the proposed changes be adopted, they would update filing requirements by:
modernizing the way data is collected
improving data quality
increasing market transparency
decreasing gradually the cost of preparing the necessary data for submission
streamlining compliance with any future filing requirements
revise or clarify EQR reporting requirements
In addition to implementing a new system design and collection method for EQR reporting based on the XBRL-CSV standard, the FERC is proposing to:
revise existing EQR reporting requirements and associated fields, as detailed in the Proposed EQR Data Dictionary and the Modified Data Fields Summary
amend its regulations to require Regional Transmission Organizations and Independent System Operators to create reports containing market participant transaction data in XBRL-CSV format that adhere to the FERC EQR taxonomies
Interested parties may submit feedback during the comment period which will remain open for 60 days following the rule proposal’s publication in the Federal Register.