FERC Adopts XBRL-CSV for EQR Filing

With this rule, the FERC is adopting XBRL-CSV as the data standard for preparing and filing EQRs. XBRL-CSV is a data format that combines XBRL (Extensible Business Reporting Language) structured data and the CSV (Comma-Separated Values) file format to report large datasets. XBRL-CSV uses CSV tables and a separate JSON metadata file to define the data’s meaning, validation rules, and dimensional relationships. The move to XBRL-CSV will provide efficient, machine-readable, and validated reporting.

The FERC plans to create pre-formatted templates for the preparation of EQR submission files. These templates will contain the CSV template and the JSON metadata file. As an alternative to the FERC templates, filers will be able to prepare the EQR using third party software.

Other planned changes to the submission system include the ability to submit multiple Transaction data files in one zipped file. FERC Templates containing bilateral Transaction data may be zipped together with other Transaction data received from RTOs/ISOs, which is an advancement from the current system that allows only one Transaction data file to be submitted at a time.

Additionally, FERC plans to implement an option for filers that only report Identification data or Identification and Contract data in the EQR (with no changes from the previous quarter) so that such filers can submit only confirmation that there are no changes to their EQR from the previous quarter.

As part of the plan to update the data standard for filing EQR submissions, the FERC will build and make available to the public the FERC EQR taxonomy. This XBRL taxonomy will be used by filers to prepare their EQR in the XBRL-CSV format and will be maintained by the FERC with periodic updates as required. The FERC also plans to migrate historical EQR data to the new XBRL-CSV format. That data will be made available to facilitate refilings.

Key Points:

• XBRL-CSV will replace the three existing submission methods (XML, CSV, and manual data entry on a webform).
• The FERC will create free templates for the preparation of EQR submission files.
• The new EQR XBRL-CSV system will allow multiple Transaction data files to be submitted in one zipped file.
• The FERC plans to implement an option that requires only confirmation that there are no changes to EQR filings from the previous quarter for filers that are reporting only Identification data or Identification and Contract data in their EQR.
• Historical data from the third quarter of 2013 to the quarter proceeding the launch of the new EQR system will be migrated to XBRL-CSV and made available for download without the need for proprietary software.
• Errors will be able to be detected through publicly available taxonomies and validation.
• Any significant changes to the EQR Data Dictionary or the EQR XBRL-CSV system will be proposed in rulemaking to allow for public comment. Minor or non-material changes will be posted to the FERC’s website.

Quarterly Filing Window Extended

The FERC modified § 35.10b of the Commission’s regulations to the following:

This change extends the quarterly filing window for EQR submissions to four months after the end of the quarter. Any submission accepted by the EQR system within the filing window will be made publicly available but will not be considered final until the filing window closes. If a Seller cannot submit its EQR by the filing deadline, then that Seller must submit an extension request before the filing deadline.

In addition to extending the filing window, the FERC also plans to provide the option to file data on a rolling basis before the close of the filing window. This means that filers will be able to use a new “append” function in the EQR XBRL-CSV system. Appending data will add rows of data to an already accepted EQR filing. The append feature can be used to add missing rows of data to an EQR filing within that four-month filing window. Appending data after the close of the filing window will be considered a refiling and will require descriptive text in the Notes data field.

Filers will be able to correct submitted data within the four-month filing window with an unlimited number of resubmissions to correct data. A resubmission will be required to remove or modify specific rows of data. The previous requirement to refile an EQR to reflect any additions or changes by the end of the following quarter has been superseded by the extension of the original filing deadline.

This change will be implemented when the new EQR XBRL-CSV system becomes operational.

Key Points:

• Quarterly filing window will change to four months after the end of the quarter.
• Change will be implemented when the new XBRL-CSV system is operational.
• The new XBRL-CSV system will provide the option to file data on a rolling basis before the close of the filing window.
• Filers will be able to submit all of their data at once for the entirety of the quarter or submit data on the rolling basis using new “append” functionality.
• Any submission accepted by the EQR system will be made publicly available but will not be considered final until the filing window closes.
• If a Seller cannot submit its EQR by the filing deadline, it must submit an extension request before the filing deadline.
• The previous requirement to refile an EQR to reflect any additions or changes by the end of the following quarter has been superseded by the extension of the original filing deadline.

Creation of Transaction Data Reports by RTOs/ISOs

As part of Order No. 917, the FERC will require RTOs and ISOs to produce standardized transaction data reports for their market participants. These reports must be based on the RTOs settlement data but must be formatted in the new XBRL-CSV data format using the EQR taxonomy. Sellers will continue to be responsible for compiling the EQR data, reporting the transaction data as part of their EQR submissions, and ensuring the accuracy of their EQR filings.

Each RTO/ISO must prepare and make available to their market participants an initial transaction data report for each quarter by the end of the following quarter. Accordingly, for Q1 (January 1 through March 31), RTOs/ISOs must make available initial transaction data reports to market participants by June 30; for Q2 (April 1 through June 30) by September 30; for Q3 (July 1 through September 30) by December 31; and for Q4 (October 1 through December 31) by March 31 of the following year. Each RTO/ISO must also prepare and make available to their market participants a quarterly revised transaction data report three months after the initial data transaction report. For Q1, RTOs/ISOs must prepare and make revised transaction data reports available to market participants by September 30; for Q2 by December 31; for Q3 by March 31 of the following year; and for Q4 by June 30 of the following year.

RTOs and ISOs will not be required to produce transaction data reports retroactively for periods prior to the launch of the new EQR XBRL-CSV system.

Key Points:

• Transaction data must adhere to the FERC EQR taxonomy using the XBRL-CSV standard.
• RTOs and ISOs will not be required to produce transaction data reports retroactively for periods prior to the launch of the new system.
• Sellers will continue to be responsible for compiling all their EQR data, reporting Transaction data as part of the EQR submissions, and ensuring the accuracy of their EQR data.

Refiling Policy

The FERC retains the requirement for refilings for up to 12 quarters when there are material corrections or omissions to previously filed EQRs. Sellers will continue to be required to refile an EQR when material errors or omissions are identified. To assist Sellers and reduce the burden of refilings due to material corrections to RTO/ISO settlement data, RTOs and ISOs will now need to prepare and make available an initial transaction data report for each quarter, as well as one revised transaction data report for that quarter. If a resettlement occurs after the RTO or ISO produces its revised transaction data reports and the resettled data is material and reportable, the RTO or ISO is encouraged to work with any Sellers to provide them the necessary data to refile their EQRs.

If Sellers refile based on revised transaction data reports, such refilings will be submitted as follows: Q1 by October 31; Q2 by January 31 of the following year; for Q3 by April 30 of the following year; and for Q4 by July 31 of the following year.

When refiling for quarters prior to the launch of the new system, filers will prepare the refiling in XBRL-CSV using the “then-effective” taxonomy for that time period. The FERC will develop, provide, and maintain taxonomies and associated validation rules that align with past EQR systems. These taxonomies will reflect the EQR Data Dictionary and associated system requirements for each time period, as necessary.

Refilings of historical data would entail: (1) downloading the Seller’s own historical data that will have already been converted to XBRL-CSV by the FERC, using a publicly accessible application similar to the current EQR Report Viewer; (2) appending or modifying the data files as needed, based on the EQR Data Dictionary and taxonomies that were in effect for the historical filing period; and (3) submitting the data files directly through the new FERC EQR submission website.

Key Points:

• Sellers will continue to be required to refile an EQR when material errors or omissions are identified.
• Refilings will be submitted in XBRL-CSV, including when refiling for quarters prior to the launch of the new system.
• The FERC will provide and maintain taxonomies for each time period reflecting changes to the EQR Data Dictionary and associated system requirements, including prior to the new system launch.
• If Sellers refile based on revised transaction data reports, such refilings will be submitted as follows: Q1 by October 31; Q2 by January 31 of the following year; for Q3 by April 30 of the following year; and for Q4 by July 31 of the following year.
• The FERC will continue to retain authority under FPA sections 205(c) and 220 to require EQR refilings that extend beyond 12 quarters based on specific facts and circumstances of a case.

Changes to the EQR Reporting Requirements

The FERC also made a number of modifications to the EQR reporting requirements. A number of removals, additions, and modifications were made to the actual data that is filed with the EQR. For a fact sheet enumerating the exact changes to each EQR data field, click here.

Source:

Electric Quarterly Reports (EQR) (ferc.gov)

Federal Register :: Order No. 917; Filing Process and Data Collection for the Electric Quarterly Report (federalregister.gov)