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FERC Enforcement Report 2020 brief

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Key highlights for utility and energy companies

The Federal Energy Regulatory Commission released its annual report detailing FERC’s enforcement activities in late 2020. To help you, we’ve summarized the findings, the FERC Enforcement divisions, with a focus on the compliance and audit findings of the DAA as these would be most applicable to accountants and those focused on rate filings. These findings should be considered by preparers/reviewers as a checklist over quarterly, annual and rate case filings to avoid/minimize FERC ordered refunds, other recoveries and/or process and controls changes.

Spotlight on Division of audits and accounting

Even with Covid-19 pandemic delays, DAA completed 10 audits of public utility, natural gas, oil, and RTO companies resulting in 51 findings of noncompliance and 199 recommendations for corrective action. Based on these audits, the DAA directed approximately $98.4 million in refunds and other recoveries, with $13.6 million to be refunded to jurisdictional customers and preventing approximately $84.8 million from being inappropriately amortized and collected through future rates.

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Sean P. Riley

US Energy, Utilities, & Mining Partner, PwC US

Alan Felsenthal

US Energy, Utilities & Mining Managing Director, PwC US

Richard Call

US Energy, Utilities & Mining Partner, PwC US

Mark Panza

US Energy, Utilities & Mining Managing Director, PwC US

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