XBRL US offers insights on FERC’s transition to xBRL-CSV

Posted on January 7, 2024 by Editor

XBRL US has issued a comment response letter in support of the US Federal Energy Regulatory Commission’s (FERC) proposed rule change (Docket No. RM23-9-000) on the transition of Electric Quarterly Report (EQR) data collection to xBRL-CSV.

FERC’s proposal, published on 19 October, aims to revamp the EQR filing process and enhance data collection within the electric energy market. The proposed shift to xBRL-CSV as the method of collection seeks to simplify data submission and retrieval, and decrease overall costs thanks to the improved efficiencies offered by format standardisation. In addition, the filing window will be extended to four months after each quarter, providing flexibility for data preparation, and the new system also allows for data appending to improve general data management.

In the response, XBRL US expresses support for the proposed rule, acknowledging its potential to make information more accessible for sellers and data users. They suggest key considerations for the final rule, including a request to transition historical EQR data back to 2010 or 2011, alignment with other XBRL-formatted data sets, and the incorporation of Legal Entity Identifiers (LEIs) for greater transparency and ease of data analysis.

The comment letter also emphasises the need for clarification on certain aspects of the proposal, such as FERC templates, timing for compliance, and effective dates. XBRL US urges FERC to provide supporting materials promptly after the rule’s finalisation, including the XBRL Taxonomy, technical guidance documentation, and sample reports covering multiple use cases. This will help reporting companies and vendors supporting the market to act quickly.

The proposed rule is part of FERC’s broader efforts to improve data quality, transparency and cost efficiency in the electric energy market. We agree with XBRL US in their support in this rule, and will be watching its progress with interest.

Stakeholders can access the full comment response letter here.

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