The Federal Energy Regulatory Commission (FERC) regulates the interstate transmission, transportation and wholesale sale of natural gas and electricity in the United States.
It is increasingly important for any company that purchases or sells natural gas or electricity, or provides or uses interstate transmission or transportations services, to implement effective compliance measures to manage the risks associated with FERC enforcement.
FERC’s Market Behaviour Rules
- Electricity sellers, as applicable, must operate and schedule generating facilities, undertake maintenance, declare outages, and commit or otherwise bid supply in a manner that complies with the rules and regulations of the applicable power market;
- Electricity sellers must provide accurate and factual information, must not submit false or misleading information or omit material information, in any communication with FERC, market monitors, RTOs, ISOs, or similar entities, under a due-diligence standard;
- Natural gas and electricity sellers who report transactions to price index publishers must provide accurate and factual information in accordance with the standards set forth in FERC’s Policy Statement on Natural Gas and Electric Price Indices, and notify FERC of changes in their reporting status; and
- Natural gas and electricity sellers must retain for a period of five years all data and information necessary for the reconstruction of the prices they charge, and the prices they report for use in published price indices.
- Compliance Order No. 717 requires that all emails, voicemail, text messages and other communication between energy companies’ transmission and marketing functions must be retained for five years.
- Regulations 18 CFR Part 35 & Part 284 states that an electronic data retention policy is required for each entity under its jurisdiction.
- Data must be archived and available for 5 to 6 years.