FERC’s Modernisation Plan: Shifting to xBRL-CSV for Electric Quarterly Reports
On 19 October the US Federal Energy Regulatory Commission (FERC) unveiled a Notice of Proposed Rulemaking aiming to revamp the Electric Quarterly Report (EQR) filing process and data collection. This proposal brings a slew of updates to the EQR, focusing on data collection improvement, elevated data quality, cost reduction, and compliance streamlining for the electric energy market.
Among the key changes proposed is the transition to xBRL-CSV as the method of collection for EQR reporting. By standardising the format FERC aims to simplify data submission and extraction while reducing costs over time. It aligns with the commission’s efforts to modernise the reporting process, making it more efficient for stakeholders.
The proposed updates also extend the filing window to four months after the end of each quarter, allowing flexibility and time for thorough data preparation. Additionally, the new system design permits data appending, enhancing data management and submission processes.
FERC’s move toward xBRL-CSV for EQR reporting signals a significant shift towards better data quality, transparency, and cost-efficiency for the electric energy market. This proposal is open for public comments, with the deadline being 60 days after publication in the Federal Register.
For a more detailed review of the proposal, you can access it here.