FERC Announcement with important updates

As the Federal Energy Regulatory Commission prepares to set up the grid of the future, many public utility companies mandated to comply with this authority’s regulatory rules have been trying to ensure they are equipped and prepared for successful submission. To digitize filings, FERC has been striving to facilitate a seamless transition from Visual FoxPro-based reporting to an XBRL format. In line with this, there have been several updates.

Here, we summarize the most important FERC updates from the last few weeks:

  • You can now download historical forms data from Q1-2021 and Q2-2021  here.A

– The filings submitted in the earlier Visual FoxPro (VFP) format has been converted to readable data by adapting them to the XBRL taxonomy.

– Executives at FERC estimate that this data reflects possible output if past data was subject to formatting in line with the first version of the XBRL taxonomy.

– FERC forms 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714 comply with the XBRL output of these new files. Currently, this data is limited to Q3-2011 to Q4-2020 but will be updated to include Q1-2021 and Q2-2021 by the end of 2021.

  • A new Draft V 0.2 of the eForms filing manual has been released by FERC, to be implemented from September 16, 2021. In this draft, certain minor modifications have been introduced to some sections, such as:

– Construction of XHTML in the Filing

– Data Filing Syntax

  • You will be able to submit your reports officially on the eForms system from the beginning of October. It is expected that all the documents submitted after September 30 have to be in the XBRL format. It has been stated that submissions made in the format compatible with Visual FoxPro will no longer be entertained.

However, the deadline for several forms has been extended, the dates for which can be viewed here.

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