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TC PipeLines, LP Reports 2008 Third Quarter Results - Zibb.com
CALGARY, ALBERTA, Oct 31, 2008 (MARKET WIRE via COMTEX) --
TC PipeLines, LP (the Partnership or PipeLP) (NASDAQ: TCLP) today reported third quarter 2008 net income of $28.3 million or $0.72 per common unit (all amounts in U.S. dollars), an increase of $3.7 million or 15 per cent compared to $24.6 million or $0.64 per common unit for the same period last year.
Partnership cash flows (please see the Financial Highlights table for more detail) increased $13.5 million, or 48 per cent, to $41.6 million for third quarter of 2008, compared to $28.1 million for the same period last year. This increase was primarily due to higher cash distributions received from Great Lakes Gas Transmission Limited Partnership (Great Lakes or GLGT) and Northern Border Pipeline Company (Northern Border or NBPC), increased cash flows provided by Tuscarora Gas Transmission Company's (Tuscarora or TGTC) operating activities and lower costs at the Partnership level. The total cash distributions received represent a $9.7 million increase compared to the same quarter last year primarily due to an $8.2 million special distribution received from Northern Border upon the sale of its wholly-owned subsidiary, Bison Pipeline LLC (Bison).
Cash distributions paid by the Partnership were $27.8 million or $0.705 per common unit in third quarter 2008, an increase of $2.7 million compared to $25.1 million or $0.655 per common unit for the same period last year.
"Our current free cash flow and minimal near term capital commitments, combined with our strong balance sheet and financial liquidity, place the Partnership in a solid position to weather these unstable financial markets and to take advantage of opportunities, should they arise. The stability in our financial position also underpinned the Partnership's recent quarterly distribution announcement of $0.705 per unit," said Russ Girling, chairman and chief executive officer of TC PipeLines GP, Inc.
"Our focus on growing in a sustained and disciplined manner remains unchanged," continued Girling. "Northern Border's sale of Bison in the third quarter includes a commitment by our sponsor to continue to advance the Bison Project which would diversify the natural gas supply options for Northern Border and strengthen its contract portfolio."
Financial Highlights
(unaudited) Three months ended Nine months ended
(millions of dollars except September 30, September 30,
per common unit amounts) 2008 2007 2008 2007
----------------------------------------------------------------------------
Net income 28.3 24.6 81.1 62.3
Per common unit (1) $0.72 $0.64 $2.08 $1.81
Partnership cash flows (2) 41.6 28.1 121.5 92.2
Cash distributions paid 27.8 25.1 80.8 61.3
Cash distributions declared
per common unit (3) $0.705 $0.660 $2.110 $1.965
Weighted average common units
outstanding (millions) 34.9 34.9 34.9 31.5
Common units outstanding at
end of period (millions) 34.9 34.9 34.9 34.9
(1) Net income per common unit is computed by dividing net income, after
deduction of the general partner's allocation, by the weighted average
number of common units outstanding. The general partner's allocation is
computed based upon the general partner's two per cent interest plus an
amount equal to incentive distributions.
(2) Partnership cash flows is a non-GAAP financial measure. Refer to the
section entitled "Partnership Cash Flows" for further detail.
(3) The Partnership's 2008 third quarter cash distribution will be paid
on November 14, 2008 to unitholders of record as of October 31, 2008.
Recent Developments
Bison Pipeline Project (Bison Project) - On September 3, 2008 Northern Border announced the sale of Bison to TransCanada for a total purchase price of $20 million. The assets of Bison included executed precedent agreements subject to certain shipper contingencies, as well as regulatory, environmental and engineering activities completed on the Bison Project. Shippers on the Bison project have executed contracts for capacity on the Northern Border system from Port of Morgan, Montana to Ventura, Iowa on the Northern Border system, subject to the in-service date of the Bison Project. The sale of Bison positions the Bison Project to potentially combine with TransCanada's proposed Pathfinder Project that would interconnect with the Northern Border system. If the Bison Project or the Pathfinder Project is successful, it would diversify natural gas supply and potentially increase demand for transportation services on the Northern Border system.
Net Income
The following net income information is presented to enhance investors' understanding of the way that management analyzes the Partnership's financial performance:
The shaded areas in the tables below disclose the results from Great Lakes
and Northern Border, representing 100 per cent of each entity's operations
for the given period. (For formatted version, please review the Third
Quarter Results PDF at www.tcpipelineslp.com)
For the three months ended For the nine months ended
(unaudited) September 30, 2008 September 30, 2008
------------------------------------------------------------------
(millions PipeLP TGTC Other GLGT NBPC PipeLP TGTC Other GLGT NBPC
of dollars) (1) (2) (3) (1) (2) (3)
----------------------------------------------------------------------------
Transmission
revenues 8.2 8.2 - 66.7 67.7 23.3 23.3 - 213.9 212.8
Operating
expenses (2.3) (1.4) (0.9) (17.1)(19.3) (6.8) (3.7) (3.1) (45.9) (57.5)
------------------------------------------------------------------
5.9 6.8 (0.9) 49.6 48.4 16.5 19.6 (3.1) 168.0 155.3
Depreciation (1.8) (1.8) - (14.7)(15.3) (5.1) (5.1) - (43.9) (45.8)
Financial
charges,
net and
other (7.7) (1.1) (6.6) (8.0) 7.1 (22.8) (3.1)(19.7) (24.4) (12.1)
Michigan
business
tax - - - (1.2) - - - - (4.2) -
------------- --------------
25.7 40.2 95.5 97.4
------------- --------------
Equity
income 31.9 - - 12.0 19.9 92.5 - - 44.4 48.1
----------------------------------------------------------------------------
Net income 28.3 3.9 (7.5) 12.0 19.9 81.1 11.4 (22.8) 44.4 48.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the three months ended For the nine months ended
(unaudited) September 30, 2007 September 30, 2007
------------------------------------------------------------------
(millions PipeLP TGTC Other GLGT NBPC PipeLP TGTC Other GLGT NBPC
of dollars) (1) (2) (3) (1) (2) (3)
----------------------------------------------------------------------------
Transmission
revenues 6.7 6.7 - 65.6 79.6 20.3 20.3 - 162.2 228.0
Operating
expenses (2.2) (1.2) (1.0) (12.6)(21.6) (6.4) (3.7) (2.7) (34.0) (61.7)
------------------------------------------------------------------
4.5 5.5 (1.0) 53.0 58.0 13.9 16.6 (2.7) 128.2 166.3
Depreciation (1.6) (1.6) - (14.5)(15.1) (4.7) (4.7) - (34.9) (45.6)
Financial
charges,
net and
other (8.7) (1.0) (7.7) (8.1)(10.2) (25.5) (3.4)(22.1) (19.5) (30.9)
30.4 32.7 73.8 89.8
Equity
income 30.4 - - 14.2 16.2 78.6 - - 34.3 44.3
----------------------------------------------------------------------------
Net income 24.6 2.9 (8.7) 14.2 16.2 62.3 8.5 (24.8) 34.3 44.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) The Partnership owns a 100 per cent general partner interest in
Tuscarora following the acquisition of an additional two per cent
interest on December 31, 2007.
(2) The Partnership acquired a 46.45 per cent partner interest in Great
Lakes on February 22, 2007.
(3) The Partnership owns a 50 per cent general partner interest in Northern
Border. Equity income from Northern Border includes amortization of a
$10.0 million transaction fee paid to the operator of Northern Border at
the time of the additional 20 per cent acquisition in April 2006.
Net income increased $3.7 million, or 15 per cent, to $28.3 million in third quarter of 2008, compared to $24.6 million in third quarter of 2007. This increase was primarily due to higher equity income from Northern Border, increased Tuscarora transmission revenues and lower financial charges, net and other, partially offset by decreased equity income from Great Lakes.
Equity income from Great Lakes was $12.0 million in third quarter of 2008, a decrease of $2.2 million or 15 per cent, compared to $14.2 million for the same period last year. The decrease in equity income was primarily due to increased operating expenses and Michigan business tax (a partnership level tax that was instituted in 2008), partially offset by increased transmission revenues. At Great Lakes' level, operating expenses increased $4.5 million for the three months ended September 30, 2008 compared to the same period last year primarily due to higher taxes other than income, costs related to system integration expenditures and increased pipeline maintenance costs. Michigan business tax of $1.2 million was recorded for the three months ended September 30, 2008. Great Lakes' transmission revenues increased $1.1 million for the three months ended September 30, 2008 compared to the same period last year due primarily to higher short-term revenues from increased sales of daily transport capacity. Equity income from Northern Border was $19.9 million in third quarter of 2008, an increase of $3.7 million or 23 per cent, compared to $16.2 million in the same period last year. This is primarily due to a $16.1 million gain on sale of Bison, partially offset by lower transmission revenues. At Northern Border's level, transmission revenues decreased $11.9 million, or 15 per cent, for the three months ended September 30, 2008 compared to the same period last year due primarily to a decrease in system utilization mainly related to natural gas supply from the Rockies Basin into the Mid-Continent market from the in-service of the western segment of the Rockies Express Pipeline.
Tuscarora's net income was $3.9 million in third quarter of 2008, an increase of $1.0 million or 34 per cent, compared to $2.9 million in the same period last year. The increase in net income is primarily due to increased transmission revenues resulting from a new firm transportation service contract which supported the Likely compressor station expansion that went into service on April 1, 2008.
Financial charges, net and other were $7.7 million in third quarter of 2008, a decrease of $1.0 million or 11 per cent, compared to $8.7 million in the same period last year. This decrease relates primarily to lower interest rates and lower average debt outstanding, partially offset by losses on interest rate derivatives over the same period in 2007.
Partnership Cash Flows
The Partnership uses the non-GAAP financial measures 'Partnership cash flows' and 'Partnership cash flows allocated to common units' as financial performance measures. As the Partnership's financial performance underpins the availability of cash flows to fund the cash distributions that the Partnership pays to its unitholders, the Partnership believes these are key measures of the available cash flows to its unitholders. The following Partnership cash flows information is presented to enhance investors' understanding of the way that management analyzes the Partnership's financial performance. Partnership cash flows and Partnership cash flows allocated to common units are provided as a supplement to GAAP financial results and are not meant to be considered in isolation or as substitutes for financial results prepared in accordance with GAAP.
(unaudited) Three months ended Nine months ended
(millions of dollars except September 30, September 30,
per common unit amounts) 2008 2007 2008 2007
----------------------------------------------------------------------------
Net Income 28.3 24.6 81.1 62.3
--------------------------------------------
Add:
Cash flows provided by Tuscarora's
operating activities 7.2 4.6 17.3 13.5
Cash distributions from Great Lakes 19.3 17.4 55.0 41.0
Cash distributions from
Northern Border 22.6 14.8 72.0 62.5
--------------------------------------------
49.1 36.8 144.3 117.0
Less:
Tuscarora's net income (3.9) (2.9) (11.4) (8.5)
Equity income from investment
in Great Lakes (12.0) (14.2) (44.4) (34.3)
Equity income from investment
in Northern Border (19.9) (16.2) (48.1) (44.3)
--------------------------------------------
(35.8) (33.3) (103.9) (87.1)
--------------------------------------------
Partnership cash flows 41.6 28.1 121.5 92.2
Partnership cash flows allocated
to general partner (1) (3.2) (2.3) (8.6) (5.3)
--------------------------------------------
Partnership cash flows allocated
to common units 38.4 25.8 112.9 86.9
--------------------------------------------
Cash distributions declared (27.8) (25.4) (83.0) (75.4)
Cash distributions declared per
common unit (2) $ 0.705 $ 0.660 $ 2.110 $ 1.965
Cash distributions paid (27.8) (25.1) (80.8) (61.3)
Cash distributions paid per
common unit (2) $ 0.705 $ 0.655 $ 2.070 $ 1.905
Weighted average common units
outstanding (millions) 34.9 34.9 34.9 31.5
--------------------------------------------
(1) Partnership cash flows allocated to general partner represents the cash
distributions paid to the general partner with respect to its two per
cent interest plus an amount equal to incentive distributions.
(2) Cash distributions declared per common unit and cash distributions paid
per common unit are computed by dividing cash distributions, after the
deduction of the general partner's allocation, by the number of common
units outstanding. The general partner's allocation is computed based
upon the general partner's two per cent interest plus an amount equal
to incentive distributions.
Partnership cash flows increased $13.5 million, or 48 per cent, to $41.6 million for third quarter of 2008, compared to $28.1 million for the same period last year. This increase was primarily due to higher cash distributions received from Great Lakes and Northern Border, increased cash flows provided by Tuscarora's operating activities and lower costs at the Partnership level. In third quarter 2008, the Partnership received total cash distributions of $41.9 million, of which $19.3 million was received from Great Lakes and $22.6 million was received from Northern Border. The total cash distributions received represent a $9.7 million increase compared to the same quarter last year primarily due to an $8.2 million special distribution received from Northern Border as a result of the sale of Bison. Cash flows provided by Tuscarora's operating activities increased by $2.6 million for the quarter ended September 30, 2008 compared with the same period last year primarily due to higher transmission revenues resulting from the Likely compressor station expansion project that went into service on April 1, 2008. Also contributing to the increase in Partnership cash flows is a $1.2 million decrease in net financial charges at the Partnership level.
The Partnership paid distributions of $27.8 million in third quarter of 2008, an increase of $2.7 million, or 11 per cent, compared to $25.1 million for the same period in the prior year and repaid a net $3.0 million of the outstanding debt balance.
Liquidity and Capital Resources
As of October 31, 2008, the Partnership had no outstanding borrowings under the $250.0 million revolving portion of its revolving credit and term loan agreement and was in compliance with the covenants of the agreement. The interest rate incurred on the credit facility (includes both outstanding term loans and revolving borrowings) averaged 5.23 per cent for the three months ended September 30, 2008 after accounting for hedging activity.
The Partnership views its core banking group as high quality and has a well-established relationship with these institutions. The Partnership has an existing $250.0 million debt and equity shelf expiring December 1, 2008 which it expects to renew in fourth quarter 2008. This will supplement the $250.0 million of capacity available under the Partnership's existing revolving credit and term loan facility which expires on December 12, 2011.
Conference Call
Analysts, members of the public, the media and other interested parties are invited to participate in a teleconference and audio webcast on Friday, October 31, 2008 at 10:00 a.m. (Mountain) and 12:00 p.m. (Eastern). Mark Zimmerman, president of the general partner, will discuss third quarter 2008 financial results and general developments and issues concerning the Partnership followed by a question and answer session for the investment community and media. To participate, please call (866) 225-0198. A replay of the conference call will also be available two hours after the conclusion of the call and until midnight (Eastern) on Friday, November 7, 2008, by dialing (800) 408-3053, then entering pass code 3272194#.
A live webcast of the conference call will also be available through the Partnership's website at www.tcpipelineslp.com. An audio replay of the call will be available on the website.
TC PipeLines, LP is a publicly traded limited partnership. TC PipeLines, LP has interests in more than 3,600 miles of federally regulated U.S. interstate natural gas pipelines, including Great Lakes Gas Transmission Limited Partnership (46.45 per cent ownership), Northern Border Pipeline Company (50 per cent ownership) and Tuscarora Gas Transmission Company (100 per cent ownership). Great Lakes is a 2,115-mile pipeline serving markets in Minnesota, Wisconsin, Michigan and eastern Canada. The 1,249-mile Northern Border Pipeline transports natural gas from the Montana-Saskatchewan border to markets in the midwestern United States. Tuscarora owns a 240-mile pipeline system that transports natural gas from Oregon where it interconnects to TransCanada's Gas Transmission Northwest System. TC PipeLines, LP is managed by its general partner, TC PipeLines GP, Inc., an indirect wholly owned subsidiary of TransCanada Corporation. TC PipeLines GP, Inc., also holds common units of TC PipeLines, LP. Common units of TC PipeLines, LP are quoted on the NASDAQ Stock Market and trade under the symbol "TCLP." For more information about TC PipeLines, LP, visit the Partnership's website at www.tcpipelineslp.com. Cautionary Statement Regarding Forward-Looking Information
This news release may include forward-looking statements regarding future events and the future financial performance of TC PipeLines, LP. Words such as "believes," "expects," "intends," "forecasts," "projects," and similar expressions identify forward-looking statements. All forward-looking statements are based on the Partnership's current beliefs as well as assumptions made by and information currently available to the Partnership. These statements reflect the Partnership's current views with respect to future events. The Partnership assumes no obligation to update any such forward-looking statement to reflect events or circumstances occurring after the date hereof. Important factors that could cause actual results to materially differ from the Partnership's current expectations include regulatory decisions, particularly those of the Federal Energy Regulatory Commission and the Securities and Exchange Commission, the ability of Great Lakes and Northern Border to recontract their available capacity at maximum rates, its ability to identify accretive growth opportunities, operational decisions of Northern Border's and Great Lakes' operator, the failure of a shipper on any one of the Partnership's pipelines to perform its contractual obligations, supply of natural gas in the Western Canada sedimentary basin and in competing basins, such as the Rocky Mountains, future demand for natural gas, overcapacity in the industry, costs related to the Partnership's pipeline systems' pipeline integrity programs, TransCanada's ability to obtain commercial support for either the Bison Project or the Pathfinder Project and their decision whether or not to proceed with either the Bison or Pathfinder Projects, regulatory, construction and other risks related to the construction of the Bison Project or the Pathfinder Project, success of other pipelines competing with Northern Border by bringing competing U.S. sourced gas to Northern Border's markets, and other risks inherent in the transportation of natural gas as discussed in the Partnership's filings with the Securities and Exchange Commission, including the Partnership's Annual Report on Form 10-K for the year ended December 31, 2007 and the Partnership's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008.
Consolidated Statement of Income
(unaudited) Three months ended Nine months ended
(millions of dollars except September 30, September 30,
per common unit amounts) 2008 2007 2008 2007
----------------------------------------------------------------------------
Equity income from investment
in Great Lakes 12.0 14.2 44.4 34.3
Equity income from investment
in Northern Border 19.9 16.2 48.1 44.3
Transmission revenues 8.2 6.7 23.3 20.3
Operating expenses (2.3) (2.2) (6.8) (6.4)
Depreciation (1.8) (1.6) (5.1) (4.7)
Financial charges, net and other (7.7) (8.7) (22.8) (25.5)
--------------------------------------------
Net income 28.3 24.6 81.1 62.3
--------------------------------------------
--------------------------------------------
Net income allocation
Common units 25.1 22.4 72.5 57.0
General partner 3.2 2.2 8.6 5.3
--------------------------------------------
28.3 24.6 81.1 62.3
--------------------------------------------
--------------------------------------------
Net income per common unit $0.72 $0.64 $2.08 $1.81
--------------------------------------------
--------------------------------------------
Weighted average common units
outstanding (millions) 34.9 34.9 34.9 31.5
--------------------------------------------
--------------------------------------------
Common units outstanding, end
of the period (millions) 34.9 34.9 34.9 34.9
--------------------------------------------
--------------------------------------------
Three months ended Nine months ended
Operating Results September 30, September 30,
(unaudited) 2008 2007 2008 2007
----------------------------------------------------------------------------
Great Lakes(1)
Volumes:
Gas delivered (million
cubic feet) 195,244 194,443 606,106 489,853
Average throughput (million
cubic feet per day) 2,122 2,114 2,212 2,227
Capital Expenditures (millions
of dollars):
Maintenance 1.1 0.9 6.2 5.7
--------------------------------------------
Northern Border
Volumes:
Gas delivered (million
cubic feet) 164,283 214,283 526,806 601,484
Average throughput (million
cubic feet per day) 1,813 2,396 1,961 2,260
Capital Expenditures (millions
of dollars):
Maintenance 1.8 0.2 6.7 7.4
Growth 3.8 - 6.9 -
--------------------------------------------
Tuscarora
Volumes:
Gas delivered (million
cubic feet) 6,124 6,212 21,688 20,292
Average throughput (million
cubic feet per day) 67 68 79 74
Capital Expenditures (millions
of dollars):
Growth 1.0 0.9 6.4 4.4
--------------------------------------------
--------------------------------------------
(1) The summary information provided for Great Lakes in the "Nine months
ended September 30, 2007" column pertains to the period after
acquisition of February 23 to September 30, 2007.
Contacts: TC PipeLines, LP Media Inquiries: Cecily Dobson (403) 920-7859 or (800) 608-7859 TC PipeLines, LP Unitholder and Analyst Inquiries: Myles Dougan (877) 290-2772 Email: investor_relations@tcpipelineslp.com Website: www.tcpipelineslp.com
SOURCE: TC PipeLines, LP
mailto:investor_relations@tcpipelineslp.com http://www.tcpipelineslp.com
Tags: accounting acquisition annual report banking business canada ceo commercial community conference construction contract debt email energy engineering equity expansion financial results forecasts gaap gasoline interest rates investment iowa market media michigan minnesota montana nasdaq natural gas oregon partnership pipeline president rates sales tax taxes trade transportation united states weather wisconsin
Companies: TC Pipelines, L.P. (TCLP)
Revised Public Utility Filing Requirements for Electric Quarterly Reports - Zibb.com
Nov 04, 2008 (FIND, Inc. via COMTEX) --
Issued October 28, 2008.
SUMMARY: In this order, the Federal Energy Regulatory Commission (Commission) revises the EQR Data Dictionary to define and rename Field 22 of the EQR to "Commencement Date of Contract Terms" and to clarify the information to be reported in the EQR concerning ancillary services. These revisions will make reporting this information less burdensome and more accessible.
EFFECTIVE DATE: Effective Date: This order will become effective upon publication in the Federal Register . The definitions adopted in this order shall be used in filing the Q1, 2009 EQR due on April 30, 2009 and in subsequent filings of the EQR.
FOR FURTHER INFORMATION CONTACT:
Mark Blazejowski (Technical Information), Office of Enforcement, Federal Energy Regulatory Commission, 888 First Street, NE., Washington, DC 20426, (202) 502-6055.
Gary D. Cohen (Legal Information), Office of the General Counsel, Federal Energy Regulatory Commission, 888 First Street, NE., Washington, DC 20426, (202) 502-8321.
SUPPLEMENTARY INFORMATION:
Before Commissioners: Joseph T. Kelliher, Chairman; Suedeen G. Kelly, Marc Spitzer, Philip D. Moeller, and Jon Wellinghoff. 1. In this order, after consideration of the comments filed in response to our notices seeking comment, *1 we are revising the Electric Quarterly Report (EQR) Data Dictionary. Specifically, we are revising the EQR Data Dictionary to define and rename Field 22 of the EQR to "Commencement Date of Contract Terms," as this field is intended to be used to identify when the current terms of the reported contract became effective. This order also clarifies the information to be reported in the EQR concerning ancillary services.
*1 Revised Public Utility Filing Requirements for Electric Quarterly Reports, 73 FR 12983 (Mar. 11, 2008), FERC Stats. & Regs. [paragraph] 35,557 (2008) (EQR Ancillary Services Notice); Revised Public Utility Filing Requirements for Electric Quarterly Reports, 73 FR 30543 (May 28, 2008), FERC Stats. & Regs. [paragraph] 35,558 (2008) (Commencement Date Notice).
I. Background
A. EQRs and EQR Data Dictionary
2. On April 25, 2002, the Commission issued Order No. 2001, a final rule establishing revised public utility filing requirements. This rule requires public utilities to file EQRs summarizing specified pertinent data about their currently effective contracts (contract data) and data about wholesale power sales they made during the reporting period (transaction data). *2 The requirement to file EQRs replaced the requirement to file quarterly transaction reports summarizing a utility's market-based rate transactions and sales agreements that conformed to the utility's tariff.
*2 Revised Public Utility Filing Requirements, Order No. 2001, 67 FR 31043, FERC Stats. & Regs. [paragraph] 31,127 (2002), reh'g denied, Order No. 2001-A, 100 FERC [paragraph] 61,074 (2002), reh'g denied, Order No. 2001-B, 100 FERC [paragraph] 61,342 (2002).
3. In Order No. 2001, the Commission also adopted a new section in its regulations, 18 CFR 35.10b, which requires that the EQRs are to be prepared in conformance with the Commission's software and guidance posted and available from the Commission's Web site. This provision obviates the need to revise the Commission's regulations to implement revisions to the EQR software and guidance. Since the issuance of Order No. 2001, as need has arisen, the Commission has issued orders to resolve questions raised by EQR users and has directed Staff to issue additional guidance on how to report certain transactions. *3
*3 See, e.g., Notice Providing Guidance on the Filing of Information on Transmission Capacity Reassignments in Electric Quarterly Reports, 124 FERC [paragraph] 61,244 (2008), which provided guidance on complying with the Commission's Order No. 890-B reporting requirements; Revised Public Utility Filing Requirements, Order No. 2001-E, 105 FERC [paragraph] 61,352 (2003), where the Commission standardized the terminology for control areas; and Revised Public Utility Filing Requirements, 67 FR 65973 (Oct. 29, 2002), FERC Stats. & Regs. [paragraph] 35,045 (Oct. 21, 2002), which provided general guidance for using the EQR software.
4. On September 24, 2007, the Commission issued Order No. 2001-G, adopting an EQR Data Dictionary that collected in one document the definitions of certain terms and values used in filing EQR data and providing formal definitions for fields that were previously undefined.
B. Commencement Date
5. On December 20, 2007, the Commission issued Order No. 2001-H, which addressed a pending request for rehearing and clarified the information to be reported in several EQR data fields. In Order No. 2001-H, the Commission defined Field 22 in the Contract Data section of the EQR, named "Contract Commencement Date," as:
The date the terms of the contract reported in the EQR were effective. If the terms reported in the Contract Data section of the EQR became effective or if service under those terms began on multiple dates (i.e., due to an amendment), the date to be reported as the Commencement Date is the date when service began pursuant to the most recent amendment to the terms reported in the Contract Data section of the EQR. *4
*4 Revised Public Utility Filing Requirements for Electric Quarterly Reports, Order No. 2001-H, 121 FERC [paragraph] 61,289 (2007), Data Dictionary at Field 22.
6. On February 26, 2008, the Commission held a technical conference to "review the EQR Data Dictionary and address questions from EQR users." *5
[Page Number 65527]
During this technical conference, the participants discussed, among other matters, whether the Commission intended in Order No. 2001-H for the commencement date field to be used to report the date the contract terms reported in the EQR (original or amended) became effective. On April 17, 2008, in response to participants' requests, the Commission's Director, Office of Enforcement, issued a waiver, for the first quarter of 2008, of the requirement to file EQRs using the commencement date definition as clarified in Order No. 2001-H. *6 On July 9, 2008, the waiver was extended until final action is taken in this docket. *7
*5 See Notice of Electric Quarterly Reports Technical Conference, 73 FR 2477 (Jan. 15, 2008).
*6 See Edison Electric Institute, Docket Nos. RM01-8-000, RM01-8-007 and ER02-2001-000 (Apr. 17, 2008) (unpublished letter order).
*7 See Edison Electric Institute, Docket Nos. RM01-8-000, RM01-8-007 and ER02-2001-000 (July 9, 2008) (unpublished letter order).
7. On May 28, 2008, the Commission issued the Commencement Date Notice to invite comment on the issues raised in the technical conference. In addition, the Commencement Date Notice proposed defining commencement date as:
The date the terms of the contract reported in the Contract Products section of the EQR (Field Nos. 26 through 45) were effective. If the terms reported in the Contract Data section of the EQR became effective on multiple dates (i.e., due to one or more amendments), the date to be reported as the Commencement Date is the date the most recent amendment became effective. If the contract or the most recent reported amendment does not have an effective date, the date when service began pursuant to the contract or most recent reported amendment may be used. If the terms of the contract reported in the Contract Products section have not been amended since January 1, 2008, the initial date the contract became effective may be used. 8. The Commission also proposed renaming the field to "Commencement Date of Contract Terms." *8 On April 10, 2008, three entities filed timely comments on the Commencement Date Notice. *9
*8 As noted above, Field 22 has been previously titled "Contract Commencement Date."
*9 Timely comments on the Commencement Date Notice were filed by: Edison Electric Institute (EEI); Sempra Energy, Inc. (Sempra); and Occidental Power Services, Inc. (Occidental).
C. Ancillary Service Reporting
9. Order No. 888 adopted six ancillary services to be included in the open access transmission tariff (OATT): Scheduling, System Control and Dispatch (Schedule 1); Reactive Supply and Voltage Control (Schedule 2); Regulation and Frequency Response (Schedule 3); Energy Imbalance (Schedule 4); Operating Reserve--Spinning-or Spinning Reserve--(Schedule 5); and Operating Reserve-- Supplemental--or Supplemental Reserve--(Schedule 6). *10
*10 Promoting Wholesale Competition Through Open Access Non-discriminatory Transmission Services by Public Utilities; Recovery of Stranded Costs by Public Utilities and Transmitting Utilities, Order No. 888, 61 FR 21540 (May 10, 1996), FERC Stats. & Regs. [paragraph] 31,036 (1996), order on reh'g, Order No. 888-A, 62 FR 12274 (Mar. 14, 1997), FERC Stats. & Regs. [paragraph] 31,048 (1997), order on reh'g, Order No. 888-B, 81 FERC [paragraph] 61,248 (1997), order on reh'g, Order No. 888-C, 82 FERC [paragraph] 61,046 (1998), aff'd in relevant part sub nom. Transmission Access Policy Study Group v. FERC, 225 F.3d 667 (D.C. Cir. 2000) (TAPS v. FERC), aff'd sub nom. New York v. FERC, 535 U.S. 1 (2002).
10. The six ancillary services established in Order No. 888 are now offered under the Order No. 890 pro forma OATT. In Order No. 890, the Commission also adopted "generator imbalance" as a new ancillary service. *11
*11 Preventing Undue Discrimination and Preference in Transmission Service, Order No. 890, 72 FR 12266 (Mar. 15, 2007), FERC Stats. & Regs. [paragraph] 31,241, at P 668 (2007), order on reh'g, Order No. 890-A, 73 FR 2984 (Jan. 16, 2008), FERC Stats. and Regs. [paragraph] 31,261 (2007), order on reh'g, Order No. 890-B, 123 FERC [paragraph] 61,299 (2008).
11. On June 21, 2007, the Commission issued Order No. 697, a Final Rule that codified and, in certain respects, revised the Commission's standards for market-based rate authority for sales of electric energy, capacity, and ancillary services. *12 Among other matters, Order No. 697 addressed the posting and reporting requirements for third-party sellers of ancillary services at market-based rates.
*12 Market-Based Rates for Wholesale Sales of Electric Energy, Capacity and Ancillary Services by Public Utilities, Order No. 697, 72 FR 39904 (July 20, 2007), FERC Stats. & Regs. [paragraph] 31,252 (2007), clarifying order, 121 FERC [paragraph] 61,260 (2007), order on reh'g, Order No. 697-A, 73 FR 25,832 (May 7, 2008), FERC Stats. & Regs. [paragraph] 31,268 (2008).
12. The matter of third-party sellers of ancillary services at market-based rates had previously been addressed in Avista Corporation, 87 FERC [paragraph] 61,223, order on reh'g, 89 FERC [paragraph] 61,136 (1999) (Avista), among other cases. Avista provided a policy that third-party ancillary service providers that could not perform a market power study would be allowed to sell ancillary services at market-based rates, under certain conditions. The authorization in Avista extended only to the following four ancillary services: Regulation Service; Energy Imbalance Service; Spinning Reserves; and Supplemental Reserves.
13. On March 3, 2008, the Commission issued the EQR Ancillary Services Notice to clarify the requirement to report third-party ancillary service transactions. The notice proposed adding the phrase "Reported for power sales and transmission-related transactions" to clarify the EQR reporting requirements with regard to Energy Imbalance, Regulation & Frequency Response, Spinning Reserve, and Supplemental Reserve--the four products identified in Avista --"to clarify that sales of these services must be reported both in the Contract and Transaction sections of the EQR." The notice also proposed to add Generator Imbalance as a Product Name in the EQR. *13 On June 27, 2008, three entities filed comments in response to the EQR Ancillary Services Notice. *14
*13 EQR Ancillary Services Notice, FERC Stats. & Regs. [paragraph] 35,557 at P 12.
*14 Timely comments on the EQR Ancillary Services Notice were filed by: EEI; California Independent System Operator Corporation (CAISO); and PJM Interconnection, L.L.C. (PJM).
II. Discussion
A. Commencement Date
1. Comments
14. CAISO states that it supports the intent of the proposed clarification of the definition of the "Contract Commencement Date" in the EQR Data Dictionary and the proposal to rename that EQR field as "Commencement Date of Contract Terms." However, CAISO is concerned that the proposed commencement date definition (Field 22) is confusing because it refers to "the Contract Data section of the EQR" in the second sentence and "the Contract Products section" elsewhere. *15 CAISO recommends that the Commission only require that entries to Field 22 be changed as a result of matters affecting the Contract Products section of the contract data and not based on any other revisions to a contract. CAISO argues that other information included in the EQR has no substantive effect on Field 22. CAISO also suggests that, rather than referring to the "Commencement Date," the definition should refer specifically to "Commencement Date of Contract Terms."
*15 EQR filers summarize their contracts in the Contract Data section of the EQR: Fields 14 through 45. Fields 14 through 20 of the Contract Data section capture the seller/customer identification information and fields 21 through 25 capture relevant contract dates such as commencement and termination dates. The Contract Products section (Fields 26 through 45) is a subset of the Contract Data section describing the various offerings under the contract such as firm and non-firm, long-term, short-term.
15. EEI's comments generally support the proposed modification. EEI, however, requests that the Commission modify the definition to make clear that if the terms of the contract reported in the Contract Products section have not been amended since January 1, 2008, the filer may, at its election, use the initial date the contract became effective (or absent an effective date the initial
[Page Number 65528]
date when service began) as the contract commencement date, even if the terms of the contract reported in the Contract Products section were amended prior to January 1, 2008.
16. PJM states that the proposed commencement date definition seems to raise the possibility that an EQR filer may begin reporting a contract upon its effective date. PJM raises the concern that this conflicts with the statement in Order No. 2001 that "the requirement to file contract data and transaction data begins with the first Electric Quarterly Report filed after service commences under an agreement." *16 PJM asks that the Commission "permit public utilities to report agreements in their EQRs upon their effective dates * * * rather than when service is taken under the agreements."
*16 Order No. 2001, FERC Stats. & Regs. [paragraph] 31,127 at P 216.
2. Commission Determination
17. With regard to CAISO's comments regarding which revisions to contract terms necessitate changes to the date reported in the commencement date field, we note that, in Order No. 2001-H, the Commission stated:
There is a very real public interest in identifying when key terms of the contract were determined. As market conditions change over time, it is imperative to be able to sort the deals that occurred years ago from those that were confirmed more recently. To better understand the market conditions at the time a contract was put in place, it is necessary to document the date that key terms were established. *17
*17 Order No. 2001-H, 121 FERC [paragraph] 61,289 at P 12.
18. As discussed below, based on our consideration of the comments, the Commission concludes that additional specificity is needed to provide clarity. As an initial matter, we adopt the NOPR's proposal to change the name of Field 22 to "Commencement Date of Contract Terms." We note that several commenters filed comments supporting such a change, and no comment was filed that raised objections to this proposal.
19. In addition, as discussed below, we are also revising the definition of Field 22 to clearly delineate the contractual changes that would require a change in the date reported.
20. With regard to EEI's comments, we agree with the suggestion regarding pre-2008 amendments. In particular, EEI suggests we add the phrase "or absent an effective date the initial date when service began." We find this additional phrase further clarifies that the Commission does not intend to require filers to research contract histories to comply with its requirements for this field and, accordingly, we will adopt this proposal.
21. Second, we reject EEI's suggestion that we add the phrase "the Filer at its election may use" because we find that such a phrase would result in greater ambiguity, rather than clarity, by offering a range of options on what may be reported rather than requiring a standard by which all filers must comply. Further, the notion of inconsistent filings is contrary to the intention of the EQR Data Dictionary, which was created to reduce the range of possible interpretations for appropriate entries in the EQR. Such allowable disparities make the data less uniform and less useful.
22. Finally, we reject the EEI suggestion to add the phrase, "even if the terms of the contract reported in the Contract Products section were amended prior to January 1, 2008" because we find it redundant and subject to conflicting interpretations.
23. Accordingly, we rename Field 22 in the EQR as "Commencement Date of Contract Terms." The field is defined as:
The date the terms of the contract reported in fields 18, 23 and 25 through 45 (as defined in the data dictionary) became effective. If those terms became effective on multiple dates (i.e., due to one or more amendments), the date to be reported in this field is the date the most recent amendment became effective. If the contract or the most recent reported amendment does not have an effective date, the date when service began pursuant to the contract or most recent reported amendment may be used. If the terms reported in fields 18, 23 and 25 through 45 have not been amended since January 1, 2009, the initial date the contract became effective (or absent an effective date the initial date when service began) may be used.
24. This definition will become effective on January 1, 2009 and will be applicable for EQRs filed beginning in the first quarter of 2009. The start date for the reporting of contract amendments has been changed in the definition to January 1, 2009, to account for the effective date of the revised EQR Data Dictionary that we are adopting in this order. The limited waiver for compliance that the Commission granted on April 17, 2008 and extended on July 9, 2008 will apply to all 2008 EQRs. *18
*18 The expiration date of the limited waiver also applies to the Increment Name fields (Fields 28 and 60), for which additional time was provided to comply with Order No. 2001-G.
25. PJM is incorrect in its interpretation that the proposed commencement date definition raises the possibility that an EQR filer may begin reporting a contract upon its effective date. The commencement date definition specifies which date should be used to populate the field and does not otherwise address when a contract must first be reported in the EQR. The Commission recognizes that, logistically, it may be more convenient to begin reporting a contract upon execution. Although the requirement to file a contract in the EQR once service under that contract commences will remain in effect, the Commission neither prohibits nor discourages the earlier reporting of contracts.
B. Ancillary Service Reporting
1. Comments
26. With regard to third-party ancillary service transactions, the EQR Ancillary Services Notice proposed to add to the phrase "Reported for power sales and transmission-related transactions" to clarify the EQR reporting requirements with regard to Energy Imbalance, Regulation & Frequency Response, Spinning Reserve, and Supplemental Reserve in Appendix A (Product Names) to the EQR Data Dictionary. The notice also proposed to add the product "Generator Imbalance" in the Appendix.
27. In response to this notice, EEI filed comments arguing that ancillary services associated with transmission contracts should not be reported in the EQR. Thus, EEI suggests that the reporting requirements regarding Energy Imbalance, Regulation & Frequency Response, Spinning Reserve, and Supplemental Reserve be changed to read as follows: "For Contracts, reported if the contract provides for sale of the product. For Transactions, sales by third- party providers (i.e., non-transmission function) are reported." EEI argues that its proposed language is superior to that proposed by the Commission, because the language proposed in the EQR Ancillary Services Notice may cause confusion over whether transmission-related agreements are to be reported in the EQR. EEI states that "the Commission has never required transmission functions to report ancillary service sales in the Transactions portion of the EQR, which was established in Order No. 2001," and "the suggested changes to the Appendix A definitions may not clearly enough reflect this existing policy."
28. EEI also states that "the definition for Energy Imbalance and the proposed definition for Generator Imbalance do not indicate that they may be Ancillary Services" and asks "the Commission to clarify that Energy Imbalance and Generator Imbalance can be an [sic] Ancillary Services, and that * * *
[Page Number 65529]
[o]nly ancillary services provided by a marketer are reportable transactions, though both marketers and transmission functions must list them in the Contracts section of the EQR."
2. Commission Determination
29. Order No. 2001 stated:
We clarify that ancillary service transaction data associated with transmission need not be reported when the transmission services are provided on an unbundled basis * * * On the other hand, ancillary service transaction data associated with power sales are currently required to be filed in Quarterly Transaction Reports and the requirement to file these data is retained in this rule. *19
*19 Order No. 2001 at P 271.
30. Our proposal in the EQR Ancillary Services Notice was intended to provide clarification regarding the EQR reporting requirements for ancillary services provided in association with unbundled sales of transmission services rather than to change the policy (quoted immediately above) that we established in Order No. 2001. *20
*20 Order No. 697, FERC Stats. & Regs. [paragraph] 31,252 at P 1058.
31. Accordingly, with regard to EEI's suggested changes to the reporting requirements for Energy Imbalance, Regulation & Frequency Response, Spinning Reserve, and Supplemental Reserve, the Commission finds that EEI's proposal provides additional clarity and we therefore adopt EEI's proposal.
32. Specifically, we revise the ancillary service Product Names as follows:
Energy Imbalance: Service provided when a difference occurs between the scheduled and the actual delivery of energy to a load obligation (Ancillary Service). For Contracts, reported if the contract provides for sale of the product. For Transactions, sales by third-party providers (i.e., non- transmission function) are reported.
Generator Imbalance: Service provided when a difference occurs between the output of a generator located in the Transmission Provider's Control Area and a delivery schedule from that generator to (1) another Control Area or (2) a load within the Transmission Provider's Control Area over a single hour (Ancillary Service). For Contracts, reported if the contract provides for sale of the product. For Transactions, sales by third-party providers (i.e., non- transmission function) are reported.
Regulation & Frequency Response: Service providing for continuous balancing of resources (generation and interchange) with load, and for maintaining scheduled interconnection frequency by committing on-line generation where output is raised or lowered and by other non-generation resources capable of providing this service as necessary to follow the moment-by-moment changes in load (Ancillary Service). For Contracts, reported if the contract provides for sale of the product. For Transactions, sales by third-party providers (i.e., non-transmission function) are reported.
Spinning Reserve: Unloaded synchronized generating capacity that is immediately responsive to system frequency and that is capable of being loaded in a short time period or non-generation resources capable of providing this service (Ancillary Service). For Contracts, reported if the contract provides for sale of the product. For Transactions, sales by third-party providers (i.e., non-transmission function) are reported.
Supplemental Reserve: Service needed to serve load in the event of a system contingency, available with greater delay than SPINNING RESERVE. This service may be provided by generating units that are on-line but unloaded, by quick- start generation, or by interruptible load or other non-generation resources capable of providing this service (Ancillary Service). For Contracts, reported if the contract provides for sale of the product. For Transactions, sales by third-party providers (i.e., non-transmission function) are reported.
C. Reporting of Ancillary Service Product Type Names
1. Comments
33. EEI asks the Commission to "clarify the appropriate manner to report the Product Type Name [Field No. 30] for ancillary service sales in the Contracts portion of the EQR," namely, that an ancillary service "reported by a transmission function" should be identified with a Product Type Name of "T," indicating the product was sold under a FERC-approved transmission tariff. Alternatively, a merchant sale would be reported as sold under a FERC-approved cost-based tariff by entering "CB" or market-based tariff by entering "MB" as "factual circumstances dictate."
34. Occidental seeks clarification "that imbalances that are settled in the real-time markets operated by the ISOs and RTOs are not intended to be reported as `Generator Imbalances' under the proposed revisions to the EQR Data Dictionary." Occidental states that "imbalances that are settled within the organized markets [are] handled through the settlement process, in which the generator pays the real-time price for any under production and is paid the real-time price for any over production [and] should not be reported in the EQRs as `Generator Imbalances' under this [FERC-proposed] definition."
2. Commission Determination
35. Regarding EEI's request for clarification, if the transmission provider (i.e., non-merchant function) makes an ancillary service sale, the product type is "T." With respect to third-party sales, the product type is listed as "CB," if the third-party sale is made under a cost-based rate tariff or "MB," if the third-party sale is made under a market-based rate tariff. We believe that Product Type Name [Field No. 30] adequately addresses this distinction and, thus, do not find any reason to revise the ancillary service reporting requirements that we proposed in the EQR Ancillary Services Notice to add clarity on this issue.
36. In addition, we find that Occidental is correct in its interpretation of the difference between energy imbalance service offered as an ancillary service in general and the method by which organized markets address imbalances through settlement in the Real-Time market. The Commission has adopted conventions for reporting trading within Real-Time markets. *21 This order does not change those conventions.
*21 Revised Public Utility Filing Requirements for Electric Quarterly Reports, Order No. 2001-G, 120 FERC [paragraph] 61,270, at P 55 (2007).
D. Whether Ancillary Services Not Included in the OATT Should Be Reported in EQRs
1. Comments
37. The EQR Ancillary Services Notice invited comment on the need to include additional non-OATT ancillary services in the list of Product Names in the EQR Data Dictionary. Two commenters filed comments addressing this issue. EEI states that it "recommends against including any other ancillary services in the EQR at this time."
38. Sempra comments that "the industry may benefit from additional clarification with respect to the reporting of ISO/RTO-specific ancillary services that may not be currently reflected" in the OATT. Sempra also suggests that there are benefits to clarifying "the reporting of other ISO/RTO-specific products." To this end, Sempra asks that the Commission clarify "the appropriate reporting `bucket' for other CAISO products, such
[Page Number 65530]
as Instructed Imbalance Energy and Uninstructed Imbalance Energy." As to whether the Commission should add specific new ancillary services to the EQR Data Dictionary, Sempra asks that the Commission "consider whether any additional CAISO products or ancillary services should be included in the EQR Data Dictionary once the CAISO MRTU [Market Redesign and Technology Upgrade] program is put into effect." *22
*22 We note that, while Sempra asks the Commission to consider these matters, it does not explicitly advocate that the Commission add any additional products to the EQR Data Dictionary.
2. Commission Determination
39. The Commission will continue its policy of identifying only the standard OATT ancillary services as ancillary services in the Product Name field of the EQR. This policy is consistent with the Commission's intention, in establishing the EQR filing requirements, that the same kinds of information be reported by all EQR filers, in the same format and using the same definitions. This approach is intended to allow EQR users and Commission staff to readily compare and contrast the transactions and contracts reported by one utility to those of other utilities. We will continue to add products that reflect common and new offerings by the industry where it appears that these products are widely offered, but, in this case, we agree with EEI that the current list of ancillary service product names to be reported in the EQR is sufficient.
40. As to Sempra's comments about providing clarification regarding the appropriate reporting of the specific products offered by CAISO, in Order No. 2001-E, the Commission encouraged RTOs and ISOs to work with Commission staff to develop EQR-ready reports to ease the filing process for respondents and to improve consistency in reporting within and among the organized markets. *23 Three ISOs--New York ISO, Midwest ISO and ISO New England--currently provide reports to their members that format settlement data for the EQR. PJM expects to begin doing so by the end of 2008.
*23 Order No. 2001-E, 105 FERC [paragraph] 61,352 at P 11.
41. In addition, we note that CAISO's staff met with Commission staff and market participants on May 18, 2004 to map the CAISO's products to the EQR product list. *24 Likewise, we encourage CAISO to meet with Commission staff on MRTU product mapping and provide EQR-ready reports to ease the filing process for respondents.
*24 Notice of Electric Quarterly Reports Western Outreach Session, 69 FR 25897 (May 10, 2004). The mapping developed in this meeting is available on the Commission's Web site (http://www.ferc.gov/EventCalendar/EventDetails.aspx?ID=1096&CalType=%20&Date= 5/18/2004&CalendarID=116).
III. Document Availability
42. In addition to publishing the full text of this document in the Federal Register , the Commission provides all interested persons an opportunity to view and/or print the contents of this document via the Internet through the Commission's Home Page (http://www.ferc.gov) and in the Commission's Public Reference Room during normal business hours (8:30 a.m. to 5 p.m. Eastern time) at 888 First Street, NE., Room 2A, Washington, DC 20426.
43. From the Commission's Home Page on the Internet, this information is available in the eLibrary. The full text of this document is available in the eLibrary both in PDF and Microsoft Word format for viewing, printing, and/or downloading. To access this document in eLibrary, type "RM01-8" in the docket number field. User assistance is available for eLibrary and the Commission's Web site during the Commission's normal business hours. For assistance contact the Commission's Online Support services at FERCOnlineSupport@ferc.gov or toll-free at (866) 208-3676, or for TTY, contact (202) 502-8659.
The Commission orders:
(A) The Commission hereby adopts the changes in the EQR Data Dictionary shown in the Attachment, as discussed in the body of this order.
(B) This order will become effective upon publication in the Federal Register . The definitions adopted in this order shall be used in filing the Q1, 2009 EQR due on April 30, 2009 and in subsequent filings of the EQR.
(C) The limited waiver for compliance granted on April 17, 2008 and extended on July 9, 2008 will apply to all 2008 EQRs and only to 2008 EQRs, regardless of when they are filed.
By the Commission.
Kimberly D. Bose,
Secretary.
Attachment
Electric Quarterly Report Data Dictionary Version 1.1 (Issued October 28, 2008)
EQR Data Dictionary
Field Field Required Value Definition
No.
1 Filer Unique X FR1 (Respondent)--An
Identifier identifier (i.e., "FR1")
used to designate a record
containing Respondent
identification information
in a comma-delimited (csv)
file that is imported into
the EQR filing. Only one
record with the FR1
identifier may be imported
into an EQR for a given
quarter.
1 Filer Unique X FS# (where "#" (Seller)--An identifier
Identifier is an integer) (e.g., "FS1", "FS2") used
to designate a record
containing Seller
identification information
in a comma-delimited (csv)
file that is imported into
the EQR filing. One record
for each seller company
may be imported into an
EQR for a given quarter.
1 Filer Unique X FA1 (Agent)--An identifier
Identifier (i.e., "FA1") used to
designate a record
containing Agent
identification information
in a comma-delimited (csv)
file that is imported into
the EQR filing. Only one
record with the FA1
identifier may be imported
into an EQR for a given
quarter.
2 Company Name X Unrestricted (Respondent)--The name of
text (100 the company taking
characters) responsibility for
complying with the
Commission's regulations
related to the EQR.
2 Company Name X Unrestricted (Seller)--The name of the
text (100 company that is authorized
characters) to make sales as indicated
in the company's FERC
tariff(s). This name may
be the same as the Company
Name of the Respondent.
2 Company Name X Unrestricted (Agent)--The name of the
text (100 entity completing the EQR
characters) filing. The Agent's
Company Name need not be
the name of the company
under Commission
jurisdiction.
3 Company DUNS for Respondent Nine digit The unique nine digit
Number and Seller number number assigned by Dun and
Bradstreet to the company
identified in Field Number
2.
4 Contact Name X Unrestricted (Respondent)--Name of the
text (50 person at the Respondent's
characters) company taking
responsibility for
compliance with the
Commission's EQR
regulations.
4 Contact Name X Unrestricted (Seller)--The name of the
text (50 contact for the company
characters) authorized to make sales
as indicated in the
company's FERC tariff(s).
This name may be the same
as the Contact Name of the
Respondent.
4 Contact Name X Unrestricted (Agent)--Name of the
text (50 contact for the Agent,
characters) usually the person who
prepares the filing.
5 Contact Title X Unrestricted Title of contact
text (50 identified in Field Number
characters) 4.
6 Contact X Unrestricted Street address for contact
Address text identified in Field Number
4.
7 Contact City X Unrestricted City for the contact
text (30 identified in Field Number
characters) 4.
8 Contact State X Unrestricted Two character state or
text (2 province abbreviations for
characters) the contact identified in
Field Number 4.
9 Contact Zip X Unrestricted Zip code for the contact
text (10 identified in Field Number
characters) 4.
CA--Canada,
MX--Mexico
10 Contact X US--United Country (USA, Canada,
Country Name States, UK-- Mexico, or United Kingdom)
United Kingdom for contact address
identified in Field Number
4.
11 Contact Phone X Unrestricted Phone number of contact
text (20 identified in Field Number
characters) 4.
12 Contact E-Mail X Unrestricted E-mail address of contact
text identified in Field Number
4.
13 Filing Quarter X YYYYMM A six digit reference
number used by the EQR
software to indicate the
quarter and year of the
filing for the purpose of
importing data from csv
files. The first 4 numbers
represent the year (e.g.,
2007). The last 2 numbers
represent the last month
of the quarter (e.g., 03 =
1st quarter; 06 = 2nd
quarter, 09 = 3rd quarter,
12 = 4th quarter).
14 Contract X An integer An identifier beginning
Unique ID preceded by with the letter "C" and
the letter "C" followed by a number
(only used (e.g., "C1", "C2") used to
when importing designate a record
contract data) containing contract
information in a comma-
delimited (csv) file that
is imported into the EQR
filing. One record for
each contract product may
be imported into an EQR
for a given quarter.
15 Seller Company X Unrestricted The name of the company
Name text (100 that is authorized to make
characters) sales as indicated in the
company's FERC tariff(s).
This name must match the
name provided as a
Seller's "Company Name" in
Field Number 2 of the ID
Data (Seller Data).
16 Customer X Unrestricted The name of the
Company Name text (70 counterparty.
characters)
17 Customer DUNS X Nine digit The unique nine digit
Number number number assigned by Dun and
Bradstreet to the company
identified in Field Number
16.
18 Contract X Y (Yes), N The customer is an
Affiliate (No) affiliate if it controls,
is controlled by or is
under common control with
the seller. This includes
a division that operates
as a functional unit. A
customer of a seller who
is an Exempt Wholesale
Generator may be defined
as an affiliate under the
Public Utility Holding
Company Act and the FPA.
19 FERC Tariff X Unrestricted The FERC tariff reference
Reference text (60 cites the document that
characters) specifies the terms and
conditions under which a
Seller is authorized to
make transmission sales,
power sales or sales of
related jurisdictional
services at cost-based
rates or at market-based
rates. If the sales are
market-based, the tariff
that is specified in the
FERC order granting the
Seller Market Based Rate
Authority must be listed.
20 Contract X Unrestricted Unique identifier given to
Service text (30 each service agreement
Agreement ID characters) that can be used by the
filing company to produce
the agreement, if
requested. The identifier
may be the number assigned
by FERC for those service
agreements that have been
filed with and accepted by
the Commission, or it may
be generated as part of an
internal identification
system.
21 Contract X YYYYMMDD The date the contract was
Execution Date signed. If the parties
signed on different dates,
use the most recent date
signed.
22 Commencement X YYYYMMDD The date the terms of the
Date of contract reported in
Contract Terms fields 18, 23 and 25
through 45 (as defined in
the data dictionary)
became effective. If those
terms became effective on
multiple dates (i.e.: due
to one or more
amendments), the date to
be reported in this field
is the date the most
recent amendment became
effective. If the contract
or the most recent
reported amendment does
not have an effective
date, the date when
service began pursuant to
the contract or most
recent reported amendment
may be used. If the terms
reported in fields 18, 23
and 25 through 45 have not
been amended since January
1, 2009, the initial date
the contract became
effective (or absent an
effective date the initial
date when service began)
may be used.
23 Contract If specified YYYYMMDD The date that the contract
Termination in the expires.
Date contract
24 Actual If contract YYYYMMDD The date the contract
Termination terminated actually terminates.
Date
25 Extension X Unrestricted Description of terms that
Provision text provide for the
Description continuation of the
contract.
26 Class Name X See definitions of each
class name below.
26 Class Name X F--Firm For transmission sales, a
service or product that
always has priority over
non-firm service. For
power sales, a service or
product that is not
interruptible for economic
reasons.
26 Class Name X NF--Non-firm For transmission sales, a
service that is reserved
and/or scheduled on an as-
available basis and is
subject to curtailment or
interruption at a lesser
priority compared to Firm
service. For an energy
sale, a service or product
for which delivery or
receipt of the energy may
be interrupted for any
reason or no reason,
without liability on the
part of either the buyer
or seller.
26 Class Name X UP--Unit Power Designates a dedicated
Sale sale of energy and
capacity from one or more
than one specified
generation unit(s).
26 Class Name X N/A--Not To be used only when the
Applicable other available Class
Names do not apply.
27 Term Name X LT--Long Term, Contracts with durations
ST--Short of one year or greater are
Term, N/A--Not long-term. Contracts with
Applicable shorter durations are
short-term.
28 Increment Name X See definitions for each
increment below.
28 Increment Name X H--Hourly Terms of the contract (if
specifically noted in the
contract) set for up to 6
consecutive hours (</= 6
consecutive hours).
28 Increment Name X D--Daily Terms of the contract (if
specifically noted in the
contract) set for more
than 6 and up to 60
consecutive hours (> 6 and
</= 60 consecutive hours).
28 Increment Name X W--Weekly Terms of the contract (if
specifically noted in the
contract) set for over 60
consecutive hours and up
to 168 consecutive hours
(> 60 and </= 168
consecutive hours).
28 Increment Name X M--Monthly Terms of the contract (if
specifically noted in the
contract) set for more
than 168 consecutive hours
up to, but not including,
one year (>168 consecutive
hours and < 1 year).
28 Increment Name X Y--Yearly Terms of the contract (if
specifically noted in the
contract) set for one year
or more (>/= 1 year).
28 Increment Name X N/A--Not Terms of the contract do
Applicable not specify an increment.
29 Increment X See definitions for each
Peaking Name increment peaking name
below.
29 Increment X FP--Full The product described may
Peaking Name Period be sold during those hours
designated as on-peak and
off-peak in the NERC
region of the point of
delivery.
29 Increment X OP--Off-Peak The product described may
Peaking Name be sold only during those
hours designated as off-
peak in the NERC region of
the point of delivery.
29 Increment X P--Peak The product described may
Peaking Name be sold only during those
hours designated as on-
peak in the NERC region of
the point of delivery.
29 Increment X N/A--Not To be used only when the
Peaking Name Applicable increment peaking name is
not specified in the
contract.
30 Product Type X See definitions for each
Name product type below.
30 Product Type X CB--Cost Based Energy or capacity sold
Name under a FERC-approved
cost-based rate tariff.
30 Product Type X CR--Capacity An agreement under which a
Name Reassignment transmission provider
sells, assigns or
transfers all or portion
of its rights to an
eligible customer.
30 Product Type X MB--Market Energy or capacity sold
Name Based under the seller's FERC-
approved market-based rate
tariff.
30 Product Type X T-- The product is sold under
Name Transmission a FERC-approved
transmission tariff.
30 Product Type X Other The product cannot be
Name characterized by the other
product type names.
31 Product Name X See Product Description of product
Name Table, being offered.
Appendix A
32 Quantity If specified Number with up Quantity for the contract
in the to 4 decimals product identified.
contract
33 Units If specified See Units Measure stated in the
in the Table, contract for the product
contract Appendix E sold.
34 Rate One of four Number with up The charge for the product
rate fields to 4 decimals per unit as stated in the
(34, 35, 36, contract.
or 37) must be
included
35 Rate Minimum One of four Number with up Minimum rate to be charged
rate fields to 4 decimals per the contract, if a
(34, 35, 36, range is specified.
or 37) must be
included
36 Rate Maximum One of four Number with up Maximum rate to be charged
rate fields to 4 decimals per the contract, if a
(34, 35, 36, range is specified.
or 37) must be
included
37 Rate One of four Unrestricted Text description of rate.
Description rate fields text If the rate is currently
(34, 35, 36, available on the FERC Web
or 37) must be site, a citation of the
included FERC Accession Number and
the relevant FERC tariff
including page number or
section may be included
instead of providing the
entire rate algorithm. If
the rate is not available
on the FERC Web site,
include the rate
algorithm, if rate is
calculated. If the
algorithm would exceed the
150 character field limit,
it may be provided in a
descriptive summary
(including bases and
methods of calculations)
with a detailed citation
of the relevant FERC
tariff including page
number and section. If
more than 150 characters
are required, the contract
product may be repeated in
a subsequent line of data
until the rate is
adequately described.
38 Rate Units If specified See Rate Units Measure stated in the
in the Table, contract for the product
contract Appendix F sold.
39 Point of If specified See Balancing The registered NERC
Receipt in the Authority Balancing Authority
Balancing contract Table, (formerly called NERC
Authority Appendix B Control Area) where
(PORBA) service begins for a
transmission or
transmission-related
jurisdictional sale. The
Balancing Authority will
be identified with the
abbreviation used in OASIS
applications. If receipt
occurs at a trading hub
specified in the EQR
software, the term "Hub"
should be used.
40 Point of If specified Unrestricted The specific location at
Receipt in the text (50 which the product is
Specific contract characters). received if designated in
Location If "HUB" is the contract. If receipt
(PORSL) selected for occurs at a trading hub, a
PORCA, see Hub standardized hub name must
Table, be used. If more points of
Appendix C receipt are listed in the
contract than can fit into
the 50 character space, a
description of the
collection of points may
be used. `Various,' alone,
is unacceptable unless the
contract itself uses that
terminology.
41 Point of If specified See Balancing The registered NERC
Delivery in the Authority Balancing Authority
Balancing contract Table, (formerly called NERC
Authority Appendix B Control Area) where a
(PODBA) jurisdictional product is
delivered and/or service
ends for a transmission or
transmission-related
jurisdictional sale. The
Balancing Authority will
be identified with the
abbreviation used in OASIS
applications. If delivery
occurs at the
interconnection of two
control areas, the control
area that the product is
entering should be used.
If delivery occurs at a
trading hub specified in
the EQR software, the term
"Hub" should be used.
42 Point of If specified Unrestricted The specific location at
Delivery in the text (50 which the product is
Specific contract characters). delivered if designated in
Location If "HUB" is the contract. If receipt
(PODSL) selected for occurs at a trading hub, a
PODCA, see Hub standardized hub name must
Table, be used.
Appendix C
43 Begin Date If specified YYYYMMDDHHMM First date for the sale of
in the the product at the rate
contract specified.
44 End Date If specified YYYYMMDDHHMM Last date for the sale of
in the the product at the rate
contract specified.
45 Time Zone X See Time Zone The time zone in which the
Table, sales will be made under
Appendix D the contract.
46 Transaction X An integer An identifier beginning
Unique ID preceded by with the letter "T" and
the letter "T" followed by a number
(only used (e.g., "T1", "T2") used to
when importing designate a record
transaction containing transaction
data) information in a comma-
delimited (csv) file that
is imported into the EQR
filing. One record for
each transaction record
may be imported into an
EQR for a given quarter. A
new transaction record
must be used every time a
price changes in a sale.
47 Seller Company X Unrestricted The name of the company
Name text (100 that is authorized to make
Characters) sales as indicated in the
company's FERC tariff(s).
This name must match the
name provided as a
Seller's "Company Name" in
Field 2 of the ID Data
(Seller Data).
48 Customer X Unrestricted The name of the
Company Name text (70 counterparty.
Characters)
49 Customer DUNS X Nine digit The unique nine digit
Number number number assigned by Dun and
Bradstreet to the
counterparty to the
contract.
50 FERC Tariff X Unrestricted The FERC tariff reference
Reference text (60 cites the document that
Characters) specifies the terms and
conditions under which a
Seller is authorized to
make transmission sales,
power sales or sales of
related jurisdictional
services at cost-based
rates or at market-based
rates. If the sales are
market-based, the tariff
that is specified in the
FERC order granting the
Seller Market Based Rate
Authority must be listed.
51 Contract X Unrestricted Unique identifier given to
Service text (30 each service agreement
Agreement ID Characters) that can be used by the
filing company to produce
the agreement, if
requested. The identifier
may be the number assigned
by FERC for those service
agreements that have been
filed and approved by the
Commission, or it may be
generated as part of an
internal identification
system.
52 Transaction X Unrestricted Unique reference number
Unique text (24 assigned by the seller for
Identifier Characters) each transaction.
53 Transaction X YYYYMMDDHHMM First date and time the
Begin Date (csv import), product is sold during the
MMDDYYYYHHMM quarter.
(manual entry)
54 Transaction X YYYYMMDDHHMM Last date and time the
End Date (csv import), product is sold during the
MMDDYYYYHHMM quarter.
(manual entry)
55 Time Zone X See Time Zone The time zone in which the
Table, sales will be made under
Appendix D the contract.
56 Point of X See Balancing The registered NERC
Delivery Authority Balancing Authority
Balancing Table, (formerly called NERC
Authority Appendix B Control Area) abbreviation
(PODBA) used in OASIS
applications.
57 Point of X Unrestricted The specific location at
Delivery text (50 which the product is
Specific characters). delivered. If receipt
Location If "HUB" is occurs at a trading hub, a
(PODSL) selected for standardized hub name must
PODBA, see Hub be used.
Table,
Appendix C
58 Class Name X See class name definitions
below.
58 Class Name X F--Firm A sale, service or product
that is not interruptible
for economic reasons.
58 Class Name X NF--Non-firm A sale for which delivery
or receipt of the energy
may be interrupted for any
reason or no reason,
without liability on the
part of either the buyer
or seller.
58 Class Name X UP--Unit Power Designates a dedicated
Sale sale of energy and
capacity from one or more
than one specified
generation unit(s).
58 Class Name X BA--Billing Designates an incremental
Adjustment material change to one or
more transactions due to a
change in settlement
results. "BA" may be used
in a refiling after the
next quarter's filing is
due to reflect the receipt
of new information. It may
not be used to correct an
inaccurate filing.
58 Class Name X N/A--Not To be used only when the
Applicable other available class
names do not apply.
59 Term Name X LT--Long Term, Power sales transactions
ST--Short with durations of one year
Term, N/A--Not or greater are long-term.
Applicable Transactions with shorter
durations are short-term.
60 Increment Name X See increment name
definitions below.
60 Increment Name X H--Hourly Terms of the particular
sale set for up to 6
consecutive hours (</= 6
consecutive hours).
Includes LMP based sales
in ISO/RTO markets.
60 Increment Name X D--Daily Terms of the particular
sale set for more than 6
and up to 60 consecutive
hours (> 6 and </= 60
consecutive hours).
Includes sales over a peak
or off-peak block during a
single day.
60 Increment Name X W--Weekly Terms of the particular
sale set for over 60
consecutive hours and up
to 168 consecutive hours
(> 60 and </= 168
consecutive hours).
Includes sales for a full
week and sales for peak
and off-peak blocks over a
particular week.
60 Increment Name X M--Monthly Terms of the particular
sale set for more than 168
consecutive hours up to,
but not including, one
year (> 168 consecutive
hours and < 1 year).
Includes sales for full
month or multi-week sales
during a given month.
60 Increment Name X Y--Yearly Terms of the particular
sale set for one year or
more (>/= 1 year).
Includes all long-term
contracts with defined
pricing terms (fixed-
price, formula, or index).
60 Increment Name X N/A--Not To be used only when other
Applicable available increment names
do not apply.
61 Increment X See definitions for
Peaking Name increment peaking below.
61 Increment X FP--Full The product described was
Peaking Name Period sold during Peak and Off-
Peak hours.
61 Increment X OP--Off-Peak The product described was
Peaking Name sold only during those
hours designated as off-
peak in the NERC region of
the point of delivery.
61 Increment X P--Peak The product described was
Peaking Name sold only during those
hours designated as on-
peak in the NERC region of
the point of delivery.
61 Increment X N/A--Not To be used only when the
Peaking Name Applicable other available increment
peaking names do not
apply.
62 Product Name X See Product Description of product
Names Table, being offered.
Appendix A
63 Transaction X Number with up The quantity of the
Quantity to 4 decimals product in this
transaction.
64 Price X Number with up Actual price charged for
to 6 decimals the product per unit. The
price reported cannot be
averaged or otherwise
aggregated.
65 Rate Units X See Rate Units Measure appropriate to the
Table, price of the product sold.
Appendix F
66 Total X Number with up Payments received for
Transmission to 2 decimals transmission services when
Charge explicitly identified.
67 Total X Number with up Transaction Quantity
Transaction to 2 decimals (Field 63) times Price
Charge (Field 64) plus Total
Transmission Charge (Field
66).
EQR Data Dictionary
[Appendix A. Product Names]
Product name Contract Transaction Definition
product product
BLACK START X X Service available
SERVICE after a
system-wide
blackout where a
generator
participates in
system restoration
activities without
the availability
of an outside
electric supply
(Ancillary
Service).
BOOKED OUT POWER X Energy or capacity
contractually
committed
bilaterally for
delivery but not
actually delivered
due to some
offsetting or
countervailing
trade (Transaction
only).
CAPACITY X X A quantity of
demand that is
charged on a $/KW
or $/MW basis.
CUSTOMER CHARGE X X Fixed contractual
charges assessed
on a p