To participate in the rate-making process and comply with regulatory needs, regulated energy and utility companies need to adhere to requirements of the Federal Energy Regulatory Commission (FERC) as well as other regulatory accounting and reporting requirements. The stakes are high for companies that fail to comply or do not meet the mandates.
As reported in our FERC Enforcement Report 2019 brief, the Commission’s Division of Audits and Accounting (DAA) conducted 11 audits in 2019 resulting in 76 findings of noncompliance, 286 recommendations for corrective action, and $161.2 million in refunds and recoveries. As such, accurate FERC accounting and transparent reporting are essential for energy and utility companies to recover costs and avoid FERC audit penalties.
What if there was a faster, more reliable and transparent reporting an analysis option for companies? There is.