FERC-516C, [RM16-5-000 Final Rule] Offer Caps in Markets Operated by Regional Transmission Organizations and Independent System Operators

ICR 201611-1902-006

OMB: 1902-0287

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2017-01-19
Supplementary Document
2016-02-10
Supplementary Document
2016-02-10
Supplementary Document
2016-02-10
IC Document Collections
IC ID
Document
Title
Status
220029
Modified
ICR Details
1902-0287 201611-1902-006
Historical Active 201602-1902-006
FERC FERC-516C
FERC-516C, [RM16-5-000 Final Rule] Offer Caps in Markets Operated by Regional Transmission Organizations and Independent System Operators
New collection (Request for a new OMB Control Number)   No
Regular
Approved with change 01/19/2017
Retrieve Notice of Action (NOA) 12/13/2016
In accordance with 5 CFR 1320, the information collection is approved for three years.
  Inventory as of this Action Requested Previously Approved
01/31/2020 36 Months From Approved
6 0 0
1,000 0 0
0 0 0

FERC is revising its regulations to address incremental energy offer caps. FERC requires that each regional transmission organization (RTO) & independent system operator (ISO): (1) cap each resource’s incremental energy offer at the higher of $1,000/MWh or that resource’s verified cost-based incremental energy offer; & (2) cap verified cost-based incremental energy offers at $2,000/MWh when calculating locational marginal prices (LMP). Further, we clarify that the verification process for cost-based incremental offers above $1,000/MWh should ensure that a resource’s cost-based incremental energy offer reasonably reflects that resource’s actual or expected costs. The reforms adopted in this Final Rule advance two of FERC’s goals with respect to price formation. First, the reforms will result in LMPs that are more likely to reflect the true marginal cost of production when resources’ short-run marginal costs exceed $1,000/MWh. Second, the reforms will give resources the opportunity to recover their short-run marginal costs, thereby encouraging resources to participate in RTO/ISO energy markets. The reforms approved in this Final Rule require one-time filings of tariffs with the Commission and potential software upgrades to implement the reforms approved in this Final Rule.

US Code: 16 USC 824f Name of Law: Federal Power Act
   US Code: 16 USC 824e Name of Law: Federal Power Act
  
None

1902-AF18 Final or interim final rulemaking 81 FR 87770 12/05/2016

No

1
IC Title Form No. Form Name
One-time Tariff (RM16-5-000 Final Rule)

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 6 0 0 6 0 0
Annual Time Burden (Hours) 1,000 0 0 1,000 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
The existing tariff filings (covered by FERC-516) related to the electric utility industry are not affected by this Final Rule in RM16-5-000. FERC requires this new information in order to perform its mandated oversight and review responsibilities with respect to electric market-based rates being just and reasonable. Without this information, the Commission would be unable to meet its statutory responsibility under Section 206 of the FPA to ensure public utility rates and tariffs are just and reasonable. Failing to meet this responsibility could result in public utilities charging rates that are not just and reasonable.

$392,099
No
No
No
No
No
Uncollected
Emma Nicholson 202 502-8846 emma.nicholson@ferc.gov

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
12/13/2016


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