On Oct. 3, FERC modernized accounting system for energy assets.
FERC proposed accounting, reporting treatment of certain renewable energy assets.
Modernize Uniform system of accounts (USofA) to account for changes in technology.
Accounting System Updates
Proposed to create new accounts for wind, solar, other non-hydro renewable assets.
Also proposed to establish a new functional class for energy storage accounts.
Codify accounting treatment of Renewable energy credits (REC); create new accounts within existing functions for hardware, software, and communication equipment.
Changes would require corresponding changes to FERC Form Nos. 1, 1-F, 3-Q, and 60.
Consultation
Comments on the proposed rulemaking must be submitted on or before Nov. 17, 2022.
Oct. 2023 FERC Final Rule
On Oct. 5, 2023, FERC published final rule in federal register, effective Jan. 1, 2025.
Certain proposals altered in final rule to effectuate the FERC's intent, better address needs of different stakeholders, facilitate solutions to potential technical challenges.
Authority per 16 USC 825, accounts, records; 18 CFR 101, uniform system of accounts prescribed for public utilities, licensees subject to provisions of the federal power act.
