On October 19, 2023, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (NOPR) in Docket No. RM23-9-000 to modify filing processes for Electric Quarterly Reports (EQRs) and revise and eliminate a number of data fields and definitions. If adopted, the Commission’s proposal would be the most significant overhaul to its EQR since 2012, when FERC Order Nos. 768 and 770 established the current process directly through the FERC website.
Earlier this week, Systrends convened over 120 EQR filers in a webinar open to the industry to discuss the substance of the NOPR. Together, we explored:
XBRL-CSV standard
Extended filing timeline and refiling policy
Revisions to and eliminations of data fields and definitions
Potential implementation timeline (hint: Spring 2025 at the earliest!)
Our team at Systrends is highly supportive of the FERC's revisions, as they will improve data quality, increase market transparency, reduce the cost of preparation, and streamline compliance. With that said, utilities will need to accommodate revisions to the data collected, and that is no small task in the near-term. Of note, the proposed revisions eliminate requirements to report unnecessary data (win!), reduce ID data (win!), and add new and modify existing data fields to improve data quality and transparency (ultimately a win).
While you're busy adapting internal processes, we'll stay focused on developing the best technology to streamline your workflows, reduce the time your team spends preparing and submitting the EQR each quarter, and ultimately reduce the cost of compliance. In transitioning to XBRL, the FERC will potentially unlock our software to do even more for you and your teams.
With more than a decade of experience in EQR reporting and extensive knowledge of the XBRL standard, Systrends is excited to build upon the foundation of our market-leading eFileEQR software to meet the evolving reporting requirements and opportunities.
If you would like to revisit the presentation and recording of our webinar, discuss the FERC's EQR NOPR in more detail, or simply connect with our team as the transition approaches, please reach out!