posted on Tuesday, May 31, 2005 9:17 AM by Tracy Davis

Harsh Admonition for Over 200 Late Filers of Market Power Updates

FERC on May 25 issued a stern warning to over 200 companies possessing market-pricing authority, but who had become delinquent in filing their triennial updated or revised market power analysis.  File the update within 60 days, FERC admonished, or risk losing market-pricing authority.  All power sellers dependent on market-pricing authority need to heed this warning with care. 

FERC also instituted a section 206 investigation to determine whether the rates charged by these companies remain just and reasonable.  By cracking down on late filers, FERC hopes to see more companies file the triennial update on time and thereby avert fruther judicial criticism in the wake of the California Attorney General's recent, partially successful challenge to the adquacy of filing requirements in connection with FERC' market-based rates program.  See UPDATE (05/04/05).    [South Point Energy Center, 11 FERC ¶ 61,239 (2005);    Carthage Energy, LLC, 111 FERC ¶ 61,240 (2005);   Backbone Mountain Windpower, LLC, 111 FERC ¶ 61,242 (2005);    Virginia Electric and Power Company, 111 FERC ¶ 61,241 (2005) and Western New York Wind Corporation, 111 FERC ¶ 61,295 (2005)] [UPDATE]