[Federal Register Volume 75, Number 19 (Friday, January 29, 2010)]
[Notices]
[Pages 4805-4809]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-1545]


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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RM10-12-000; 130 FERC ] 61,039]


Electricity Market Transparency Provisions of Section 220 of the 
Federal Power Act

 January 21, 2010.
AGENCY: Federal Energy Regulatory Commission.

ACTION: Notice of inquiry.

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SUMMARY: The Federal Energy Regulatory Commission (Commission) seeks 
comments on whether the Commission's Electric Quarterly Report (EQR) 
filing requirements should be applied to market participants that are 
excluded from the Commission's jurisdiction under section 205 of the 
Federal Power Act (FPA). This Notice of Inquiry will assist the 
Commission in determining what changes, if any, should be made to its 
regulations under the electric market transparency provisions of 
section 220 of the FPA, as adopted in the Energy Policy Act of 2005 
(EPAct 2005).

DATES: Comments are due March 30, 2010.

ADDRESSES: You may submit comments, identified by docket number by any 
of the following methods:
     Agency Web Site: http://ferc.gov. Documents created 
electronically using word processing software should be filed in native 
applications or print-to-PDF format and not in a scanned format.
     Mail/Hand Delivery: Commenters unable to file comments 
electronically must mail or hand deliver an original and 14 copies of 
their comments to: Federal Energy Regulatory Commission, Secretary of 
the Commission, 888 First Street, NE., Washington, DC 20426.
    Instructions: For detailed instructions on submitting comments and 
additional information on the rulemaking process, see the Comment 
Procedures Section of this document.

FOR FURTHER INFORMATION CONTACT:
Raymond Montini, Office of Enforcement, Federal Energy Regulatory 
Commission, 888 First Street, NE., Washington, DC 20426, (202) 502-
8714. [email protected].
Christina Switzer (Legal Information), Office of the General Counsel, 
Federal Energy Regulatory Commission, 888 First Street, NE., 
Washington, DC 20426, (202) 502-6379. [email protected].

[[Page 4806]]

    Before Commissioners: Jon Wellinghoff, Chairman; Marc Spitzer, 
Philip D. Moeller, and John R. Norris.

Notice of Inquiry

Issued January 21, 2010

    1. In this Notice of Inquiry, the Federal Energy Regulatory 
Commission (Commission) seeks comments on whether the Commission's 
Electric Quarterly Report (EQR) \1\ filing requirements should be 
applied to market participants that are excluded from the Commission's 
jurisdiction under section 205 of the Federal Power Act (FPA).\2\ 
Section 201(f) of the FPA excludes certain entities (i.e., Federal 
entities, municipalities, and certain cooperatives with Rural 
Electrification Act financing and that sell less than 4,000,000 MWh of 
electricity per year) from the Commission's jurisdiction.\3\ However, 
section 201(b)(2) states that, notwithstanding section 201(f), several 
sections of the FPA, including section 220,\4\ shall apply to the 
entities described in those sections and such entities shall be subject 
to the Commission's jurisdiction for the purposes of carrying out those 
particular provisions. Section 220 of the FPA directs the Commission 
``to facilitate price transparency in markets for the sale and 
transmission of electric energy in interstate commerce * * *'' and 
states that the Commission may obtain ``information about the 
availability and prices of wholesale electric energy and transmission 
service'' from ``any market participant.'' Thus, section 220 of the 
FPA, when read in conjunction with section 201(b)(2), provides the 
Commission with jurisdiction to require information regarding the 
availability and prices of wholesale electric energy and transmission 
service from market participants, including those that are typically 
beyond the Commission's jurisdiction for other purposes.
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    \1\ At present, all public utilities, including power marketers, 
must file EQRs summarizing contractual terms and conditions in their 
agreements for all jurisdictional power sales. In addition to other 
requirements, EQR filers must provide detailed transactional 
information, including product type, price, quantity, duration and 
receipt and delivery points.
    \2\ 16 U.S.C. 824d (2006).
    \3\ 16 U.S.C. 824(f) (2006).
    \4\ 16 U.S.C. 824t (2006).
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    2. This Notice of Inquiry will assist the Commission in determining 
what changes, if any, should be made to its regulations under the 
electric market transparency provisions of section 220 of the FPA, as 
adopted in the Energy Policy Act of 2005 (EPAct 2005).\5\ In addition, 
the Commission is considering other refinements to the existing EQR 
filing requirements that may significantly enhance the effectiveness of 
the information gathered.
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    \5\ EPAct 2005, Public Law 109-58, 119 Stat. 594. EPAct 2005 
Sec.  1281(a)(1)-(2) states:
    (1) The Commission is directed to facilitate price transparency 
in markets for the sale and transmission of electric energy in 
interstate commerce, having due regard for the public interest, the 
integrity of those markets, fair competition, and the protection of 
consumers.
    (2) The Commission may prescribe such rules as the Commission 
determines necessary and appropriate to carry out the purposes of 
this section. The rules shall provide for the dissemination, on a 
timely basis, of information about the availability and prices of 
wholesale electric energy and transmission service to the 
Commission, State commissions, buyers and sellers of wholesale 
electric energy, users of transmission services, and the public.
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I. Background

A. Commission Authority

    3. EPAct 2005's transparency provisions \6\ enhance the 
Commission's authority to collect ``information about the availability 
and prices'' of natural gas and electricity sold at wholesale in 
interstate commerce ``to facilitate price transparency.'' \7\ EPAct 
2005 requires that the Commission consider the degree of price 
transparency provided by existing price publishers and trade processing 
services, and rely on such publishers and services to the maximum 
extent possible.\8\ However, if the Commission determines that existing 
price publications do not adequately provide price discovery or market 
transparency, the Commission may establish an electronic information 
system.\9\ EPAct 2005 also permits the Commission to require ``any 
market participant,'' except for entities with a de minimis market 
presence, to provide information with ``due regard for the public 
interest, the integrity of those markets, fair competition, and the 
protection of consumers.'' \10\
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    \6\ See EPAct 2005 Sec.  316 (codified as 15 U.S.C. 717t-2) 
(amending the Natural Gas Act (NGA) to add the Natural Gas Market 
Transparency Rules in section 23); EPAct 2005 Sec.  1281 (codified 
as 16 U.S.C. 824t) (amending the FPA to add the Electricity Market 
Transparency Rules in section 220).
    \7\ Id.
    \8\ Id.
    \9\ EPAct 2005 Sec.  1281(a)(4).
    \10\ EPAct 2005 Sec.  1281(d). In addition, EPAct 2005 Sec.  
1281(b)(1-2) directs the Commission to exempt from disclosure 
information that is ``detrimental to the operation of an effective 
market or [that would] jeopardize system security,'' and ``to ensure 
that consumers and competitive markets are protected from the 
adverse effects of potential collusion or other anticompetitive 
behaviors that can be facilitated by untimely public disclosure of 
proprietary trading information.''
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    4. In 2006, Commission staff conducted an extensive outreach effort 
to formulate options for implementing EPAct 2005's transparency 
provisions for wholesale natural gas and electric markets. As a result, 
the Commission used its new transparency authority to adopt additional 
filing and posting requirements for the sale or transportation of 
physical natural gas in interstate commerce. Specifically, Order No. 
704 requires buyers and sellers of more than a de minimis volume of 
natural gas to report aggregate volumes of relevant transactions in an 
annual filing.\11\
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    \11\ Transparency Provisions of Section 23 of the Natural Gas 
Act, Order No. 704, FERC Stats. & Regs. ] 31,260, at P 32 (2007), 
order on reh'g, Order No. 704-A, 73 FR 55726 (Sept. 26, 2008), FERC 
Stats. & Regs. ] 31,275 (2008), order dismissing reh'g and 
clarification, Order No. 704-B, 125 FERC ] 61,302 (2008) (``Without 
confidence in the basic processes of price formation, market 
participants cannot have faith in the value of their transactions, 
the public cannot believe that the prices they see are fair, and it 
is more difficult for the Commission to ensure that jurisdictional 
prices are `just and reasonable.' ''); see also, Pipeline Posting 
Requirements under Section 23 of the Natural Gas Act, Order No. 720, 
73 FR 73494 (Dec. 2, 2008), FERC Stats. & Regs. ] 31,283, at P 3 
(2008), order on reh'g, Order No. 720-A, 130 FERC ] 61,040 (2010). 
In addition, if a market participant buys or sells less than a de 
minimis volume, but operates under blanket sales certificate 
authority pursuant to section 284.402 or section 284.284 of the 
Commission's regulations, then it must make a filing with the 
Commission for identification and reporting purposes. However, it is 
not required to report aggregate volumes of relevant transactions. A 
market participant that buys or sells less than a de minimis volume 
and does not operate under blanket sales certificate authority is 
not required to make an annual filing with the Commission.
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    5. In exercising its new market transparency authority, the 
Commission explained that it required information from a market 
participant regardless of whether it is subject to the Commission's 
traditional jurisdiction because ``[p]rice formation in natural gas 
markets makes no distinction between transactions that are 
jurisdictional.'' The Commission further explained that the ``final 
rule will facilitate transparency of the price formation process in 
natural gas markets by collecting information to understand in broad 
terms the size of the natural gas market and the use of fixed prices 
and of index prices.'' In turn, this information

further[s] the Commission's efforts to monitor price formation in 
the wholesale natural gas markets, which supports the Commission's 
market-oriented policies for the wholesale natural gas industries. 
[Such] policies require that interested persons have broad 
confidence that reported market prices accurately reflect the 
interplay of legitimate market forces. Without confidence in the 
basic processes of price formation, market participants cannot have 
faith in the value of their transactions, the public cannot believe 
that the prices they see are fair, and it is more difficult for the 
Commission to ensure that

[[Page 4807]]

jurisdictional prices are ``just and reasonable.'' \12\

    \12\ Order No. 704, FERC Stats. & Regs. ] 31,260 at P 7.
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    6. In Order No. 720, the Commission required major non-interstate 
pipelines to post scheduled flow information and information for each 
receipt and delivery point with a design capacity greater than 15,000 
MMBtu per day.\13\ Order No. 720 also requires interstate pipelines to 
post information regarding no-notice service.\14\ Similar to the 
Commission's reasoning in Order No. 704, the Commission explained that 
Order No. 720's

    \13\ Order No. 720, FERC Stats. & Regs. ] 31,283 at P 1. Issued 
contemporaneously with this order is Order No. 720-A, which broadly 
affirms Order No. 720, but grants certain requests for rehearing and 
clarification, including a finding that major non-interstate 
pipelines must post scheduled flow data for virtual or pooling 
points, subject to certain conditions.
    \14\ Id.
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posting requirements . . . are grounded in the Commission's 
authority under section 23 of the NGA (as added by EPAct 2005), 
which directs the Commission, in relevant part, to obtain and 
disseminate `information about the availability and prices of 
natural gas at wholesale and in interstate commerce.' This provision 
enhances the Commission's authority to ensure confidence in the 
nation's natural gas markets. The Commission's market-oriented 
policies for the wholesale natural gas industry require that 
interested persons have broad confidence that reported market prices 
accurately reflect the interplay of legitimate market forces. 
Without confidence in the efficiency of price formation, the true 
value of transactions is very difficult to determine.\15\
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    \15\ Id. P 3.

    7. In the Natural Gas Transparency Notice of Proposed Rulemaking 
(NOPR), the Commission declined to extend such requirements to 
wholesale electric markets because, at the time, the Commission was 
considering other reforms to its regulation of electric markets.\16\ In 
particular, the Commission referred to its open access transmission 
service reforms and the more general review of competition in wholesale 
electric markets.\17\ These efforts eventually led to two final rules. 
In Order No. 890, the Commission exercised its remedial authority ``to 
limit further opportunities for undue discrimination, by minimizing 
areas of discretion, addressing ambiguities and clarifying various 
aspects of the pro forma [Open Access Transmission Tariff].'' \18\ 
Moreover, in Order No. 719, the Commission made reforms ``to improve 
the operation [and competitiveness] of organized wholesale electric 
power markets'' in connection with ``fulfilling its statutory mandate 
to ensure supplies of electric energy at just, reasonable and not 
unduly discriminatory or preferential rates.'' \19\ Nonetheless, these 
final rules did not specifically address the facilitation of price 
transparency in electric markets. As a result, the Commission now seeks 
comments on whether the EQR filing requirements should be applied to 
market participants that are excluded from the Commission's 
jurisdiction under section 205 of the FPA.
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    \16\ See Transparency Provisions of Section 23 of the Natural 
Gas Act; Transparency Provisions of the Energy Policy Act, Notice of 
Proposed Rulemaking, FERC Stats. & Regs. 32,614, at P 9-11 (2007) 
(Natural Gas Transparency NOPR) (``The Commission does not propose 
action with respect to electric markets at this time. The Commission 
has recently addressed and is currently addressing electric market 
transparency in other proceedings.'').
    \17\ Id.
    \18\ Preventing Undue Discrimination and Preference in 
Transmission Service, Order No. 890, FERC Stats. & Regs. ] 31,241, 
at P 40, order on reh'g, Order No. 890-A, FERC Stats. & Regs. ] 
31,261 (2007), order on reh'g and clarification, Order No. 890-B, 73 
FR 39092 (Jul. 8, 2008), 123 FERC ] 61,299 (2008), order on reh'g, 
Order No. 890-C, 126 FERC ] 61,228 (2009), order on clarification, 
Order No. 890-D, 129 FERC ] 61,126 (2009).
    \19\ Wholesale Competition in Regions with Organized Electric 
Markets, Order No. 719, 73 FR 64100 (Oct. 28, 2008), FERC Stats. & 
Regs. ] 31,281, at P 1 (2008), order on reh'g, Order No. 719-A, 74 
FR 37776 (Jul. 29, 2009), FERC Stats. & Regs. ] 31,292 (2009), order 
denying reh'g and providing clarification, Order No. 719-B, 129 FERC 
] 61,252 (2009).
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B. Current Collection and Uses of EQR Data

    8. At present, market participants that fall within the 
Commission's jurisdiction under section 205(c) of the FPA must file 
EQRs summarizing contractual terms and conditions in their agreements 
for all jurisdictional services, including market-based rate power 
sales, cost-based rate power sales and transmission service sales that 
are part of power sales. EQR filers also must provide detailed 
transactional information, including product type, price, quantity, 
duration and receipt and delivery points for all power sales.
    9. As explained in Order No. 2001, one goal of the EQR is to ensure 
that customers and the Commission have the information ``to identify 
situations that indicate the possible exercise of market power that 
warrant specific investigation.'' \20\ Requiring EQR information from 
market participants that are excluded from the Commission's section 205 
jurisdiction will enhance the Commission's ability to effectively 
examine and monitor: (1) Price formation; (2) the number of sales; and 
(3) the market concentration occurring in electric markets where market 
participants that are excluded from the Commission's section 205 
jurisdiction play a large role.\21\ Because numerous market 
participants that are excluded from the Commission's section 205 
jurisdiction do not file EQRs, a jurisdictional seller's market 
presence (i.e., its role in price formation) is difficult to 
determine.\22\ Obtaining more complete price and volume information for 
sales of electricity will increase the Commission's ability to monitor 
power sales for indications of market power and manipulation.
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    \20\ Revised Public Utility Filing Requirements, Order No. 2001, 
FERC Stats. & Regs. ] 31,127, at P 1,4, reh'g denied, Order No. 
2001-A, 100 FERC ] 61,074, reh'g denied, Order No. 2001-B, 100 FERC 
] 61,342, order directing filing, Order No. 2001-C, 101 FERC ] 
61,314 (2002), order directing filing, Order No. 2001-D, 102 FERC ] 
61,334 (2003).
    \21\ The Energy Information Administration's Electric Power 
Industry Overview 2007 estimated that 29 percent of electric utility 
sales are made by publicly-owned electric utilities (municipals, 
public utility districts or public power districts, State 
authorities, irrigation districts, and joint municipal action 
agencies), consumer-owned rural electric cooperatives, and Federal 
electric utilities. Energy Information Administration, Electric 
Power Industry Overview 2007 (March 2009), http://www.eia.doe.gov/cneaf/electricity/page/prim2/toc2.html.
    \22\ For example, obtaining the sales information from market 
participants that are excluded from the Commission's jurisdiction 
under section 205 of the FPA in the West and Southeast would enhance 
Commission staff's ability to assess market conditions and identify 
the sales volumes transacted at major trading hubs in these regions.
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    10. In addition, the EQR assists the Commission's analysis of 
whether to grant a seller market-based rate authority (ex ante 
analysis) and provides an after the fact look at market-based rate 
authorization (ex post analysis).\23\ Collecting information from 
market participants that are excluded from the Commission's section 205 
jurisdiction would strengthen the Commission's regulatory scheme and 
enhance its oversight of the market-based rate program.
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    \23\ Ex post analysis includes ongoing oversight (EQR post 
analysis) and a timely reconsideration of market-based rate 
authorization (triennial review). Ongoing EQR post analysis is 
conducted by Commission staff after each quarterly filing. A 
triennial review is an updated market power analysis filed every 
three years by large jurisdictional sellers that have been granted 
market-based rate authorization. The filing includes, among other 
things, representations of how the seller satisfies the Commission's 
concerns with regard to horizontal and vertical market power.
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    11. For instance, the Commission's ex ante analysis of whether to 
grant a seller market-based rate authority \24\ may

[[Page 4808]]

include, among other things, a detailed review of price data. One tool 
used by the Commission is the delivered price test (DPT),\25\ a well-
established test that has been used routinely to analyze market power 
for market-based rate authorizations and merger analyses. Commission 
staff and outside parties preparing a DPT analysis rely on proxy prices 
and published price indices to determine the price at which market 
participants that do not file EQRs may be able to deliver power. A 
better approach would be to obtain more complete price and volume 
information for sales of electricity to more accurately reflect market 
prices, improve the quality of the DPT results and assist the 
Commission in determinations regarding the ability of sellers to 
exercise market power. Further, market participants also will benefit 
as a result of having more transparency in the market because enhanced 
transparency will provide more information for market participants to 
make decisions regarding the value of transactions. In addition, with 
regard to mergers and acquisitions, because the DPT is a primary tool 
used to evaluate the effect on competition, obtaining power sales 
information from market participants that are excluded from the 
Commission section 205 jurisdiction will provide a better basis for 
consideration of whether to approve merger/acquisition proposals under 
section 203 of the FPA.\26\
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    \24\ The Commission's market-based rate program does not rely on 
an ex ante finding alone, but instead depends on a consistent review 
of transaction data to ensure that such rates are just and 
reasonable. In approving the Commission's market-based rate program, 
the Ninth Circuit upheld the Commission's program because it relies 
on a ``system [that] consists of a finding that the applicant lacks 
market power (or has taken sufficient steps to mitigate market 
power), coupled with strict reporting requirements to ensure that 
the rate is `just and reasonable' and that markets are not subject 
to manipulation.'' State of California, ex rel. Bill Lockyer v. 
FERC, 383 F.3d 1006, 1013 (9th Cir. 2004), cert. denied (S. Ct. Nos. 
06-888 and 06-1100, June 18, 2007)).
    \25\ The DPT defines the relevant market by identifying 
potential suppliers based on market prices, input costs and 
transmission availability, and then calculates each supplier's 
economic capacity and available economic capacity for each season/
load condition. Market-Based Rates For Wholesale Sales Of Electric 
Energy, Capacity And Ancillary Services By Public Utilities, Order 
No. 697, FERC Stats. & Regs. ] 31,252, at P 106 (2007), clarified, 
121 FERC ] 61,260 (2007), order on reh'g, Order No. 697-A, 73 FR 
25832 (May 7, 2008), FERC Stats. & Regs. ] 31,268, order on reh'g, 
Order No. 697-B, FERC Stats. & Regs. ] 31,285 (2008), order on 
reh'g, Order No. 697-C, FERC Stats. & Regs. ] 31,291 (2009). The 
Commission requires the DPT if a seller fails one of the indicative 
screens. The indicative screens analyze the number of megawatts of 
capacity an applicant owns or controls, rather than analyzing actual 
price data. However, ``sellers that do not pass the indicative 
screens are allowed to provide additional analysis for Commission 
consideration,'' including price data. Id. P 62.
    \26\ 16 U.S.C. 824b (2006).
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    12. Ex post analysis using market information from market 
participants that are excluded from the Commission's section 205 
jurisdiction would provide the Commission with critical information to 
consider whether, based on actual sales data,\27\ a seller with market-
based rate authority has obtained an excessive market share since the 
original authorization to transact at market-based rates or since its 
last review of such rates. Ex post analyses that fail to include sales 
by all market participants, except for those with a de minimis market 
presence, are under-inclusive and may provide unreliable results. In 
addition, because market information from market participants that are 
excluded from the Commission's section 205 jurisdiction is not 
available, the Commission is not able to compare prices for power sold 
by section 205 jurisdictional sellers with those prices of certain 
sellers in the same market. The Commission's post-approval reporting 
requirements are a crucial aspect of the Commission's market-based rate 
program.\28\ Thus, requiring market participants that are excluded from 
the Commission's section 205 jurisdiction to file market information 
would improve the quality of the information available to the 
Commission and enhance staff's ability to evaluate jurisdictional 
markets.
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    \27\ The use of actual sales information is consistent with the 
analysis used by the Department of Justice's Antitrust Division and 
the Federal Trade Commission.
    \28\ As noted above, the Ninth Circuit upheld the Commission's 
market-based rate regulatory scheme and found that it was valid due 
to the Commission's ``dual requirement of an ex ante finding of the 
absence of market power and sufficient post-approval reporting 
requirements.'' State of California, ex rel. Bill Lockyer, Attorney 
General of the State of California, 125 FERC ] 61,016 (2008) 
(denying the California Parties' request for rehearing).
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C. Refinements to Existing EQR Requirements

    13. In combination with the broader effort to improve the 
Commission's access to information about the availability and prices of 
wholesale sales of electricity outlined above, the Commission is also 
considering other refinements to the existing EQR filing requirements 
that may significantly enhance the effectiveness of the information. 
The specific refinements include: (1) Reporting the trade date (i.e., 
the date on which a transaction price is set) and the type of rate 
(i.e., fixed price, a formula, or an index); (2) reporting resales of 
financial transmission rights in secondary markets; (3) standardizing 
the unit for reporting energy and capacity transactions (i.e., dollars 
per MWh and dollars per MW/month); and (4) omitting the time zone from 
the contract section of the EQR.

II. Discussion

    14. Applying the EQR filing requirements to all market participants 
that are excluded from the Commission's section 205 jurisdiction, 
except for those with a de minimis market presence, would aid the 
Commission's oversight and surveillance of wholesale electric markets 
and increase price transparency for market participants. The Commission 
requests comments on what EQR information should be obtained from these 
market participants for the Commission to ensure that electricity 
markets are transparent. Specifically, the Commission requests comments 
on the following questions:
    (1) Should the Commission extend EQR filing requirements to market 
participants that are excluded from the Commission's section 205 
jurisdiction?
    (2) Should the Commission establish a threshold pursuant to which 
market participants (that are excluded from the Commission's 
jurisdiction under section 205 of the FPA) with a de minimis market 
presence would not be subject to the EQR filing requirements? If so, 
what should that threshold be and on what basis should it be 
established (i.e., by total annual sales, total annual sales for 
resale, power exchanges delivered)?
    (3) Would extending the EQR reporting requirements to market 
participants that are excluded from the Commission's section 205 
jurisdiction impact liquidity (e.g., the number of power sales) or the 
amount of power made available in the markets? If so how, and, to the 
extent possible, quantify it.
    (4) What specific information should the Commission require to be 
filed? Include specific data elements from the Commission's EQR Data 
Dictionary, version 1.1 (issued October 28, 2008) and explain why the 
information with respect to these specific data elements should be 
required.
    (5) Are there certain EQR filing requirements that should not 
extend to market participants that are excluded from the Commission's 
section 205 jurisdiction? If so, specify the data elements from the 
Commission's EQR Data Dictionary, version 1.1 (issued October 28, 2008) 
and explain why the information with respect to these specific data 
elements should not be required.
    (6) What would the burden be on market participants that are 
excluded from the Commission's section 205 jurisdiction that must adapt 
their existing systems to be able to provide the information to comply 
with the Commission's EQR filing requirements?

[[Page 4809]]

Please estimate the amount of time and resources that would be 
necessary for market participants that are excluded from the 
Commission's section 205 jurisdiction to comply with the Commission's 
EQR filing requirements and provide explanation and support for any 
estimate.
    15. In addition, as described above in section I.C., the Commission 
is evaluating whether refinements are needed to improve the 
effectiveness and analytical potential of the existing EQR filing 
requirements. Accordingly, the Commission requests comments on the 
following additional questions:
    (7) Should the EQR filing requirements include the date on which 
parties to a reported transaction agreed upon a price (trade date) and 
type of rate by which the price was set (i.e., fixed price, a formula, 
or an index)? If so, how should the trade date be defined and are there 
any issues in determining the trade date for sales under master 
agreement or evergreen contracts?
    (8) Should the Commission collect information about the resale of 
financial transmission rights in secondary markets? Would collecting 
this information enhance market transparency? If so, what current EQR 
filing requirements should be imposed on resales of financial 
transmission rights in secondary markets? Include data elements from 
the Commission's EQR Data Dictionary, version 1.1 (issued October 28, 
2008) and explain how the information with respect to these specific 
data elements would improve market transparency. In addition, identify 
all other filing requirements that may be applicable to resales of 
financial transmission rights in secondary markets that are not current 
EQR filing requirements and explain whether and, if so, how collection 
of the information would improve market transparency.
    (9) Should the Commission require market participants to use a 
standardized unit for reporting energy and capacity transactions (i.e., 
$/MWh or $/MWmonth for energy and $/MW or $/KW for capacity)? Would 
requiring market participants to use a standardized unit enhance market 
transparency?
    (10) Should the Commission eliminate the requirement to report the 
time zone in the contract section of the EQR? Would doing so be 
detrimental to the market as a whole?

III. Comment Procedures

    16. The Commission invites interested persons to submit comments on 
the matters and issues proposed in this notice to be adopted, including 
any related matters or alternative proposals that commenters may wish 
to discuss. Comments are due March 30, 2010. Comments must refer to 
Docket No. RM10-12-000, and must include the commenter's name, the 
organization they represent, if applicable, and their address in their 
comments.
    17. The Commission encourages comments to be filed electronically 
via the eFiling link on the Commission's Web site at http://www.ferc.gov. The Commission accepts most standard word processing 
formats. Documents created electronically using word processing 
software should be filed in native applications or print-to-PDF format 
and not in a scanned format. Commenters filing electronically do not 
need to make a paper filing.
    18. Commenters that are not able to file comments electronically 
must send an original and 14 copies of their comments to: Federal 
Energy Regulatory Commission, Secretary of the Commission, 888 First 
Street, NE., Washington, DC 20426.
    19. All comments will be placed in the Commission's public files 
and may be viewed, printed, or downloaded remotely as described in the 
Document Availability section below. Commenters on this proposal are 
not required to serve copies of their comments on other commenters.

IV. Document Availability

    20. In addition to publishing the full text of this document in the 
Federal Register, the Commission provides all interested persons an 
opportunity to view and/or print the contents of this document via the 
Internet through FERC's Home Page (http://www.ferc.gov) and in FERC's 
Public Reference Room during normal business hours (8:30 a.m. to 5 p.m. 
Eastern time) at 888 First Street, NE., Room 2A, Washington, DC 20426.
    21. From FERC's Home Page on the Internet, this information is 
available on eLibrary. The full text of this document is available on 
eLibrary in PDF and Microsoft Word format for viewing, printing, and/or 
downloading. To access this document in eLibrary, type the docket 
number excluding the last three digits of this document in the docket 
number field.
    22. User assistance is available for eLibrary and the FERC's Web 
site during normal business hours from FERC Online Support at 202-502-
6652 (toll free at 1-866-208-3676) or e-mail at 
[email protected], or the Public Reference Room at (202) 502-
8371, TTY (202)502-8659. E-mail the Public Reference Room at 
[email protected].

    By the Commission. Commissioner Norris voting present.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2010-1545 Filed 1-28-10; 8:45 am]
BILLING CODE 6717-01-P