Understanding FERC Form 714 (Electric) for XBRL Submission

Understanding FERC Form 714 (Electric) for XBRL Submission

By Ez-XBRL 13 July, 2022
Understanding FERC Form 714 (Electric) for XBRL Submission

FERC  – Current XBRL Mandate:

In the United States, FERC, or the Federal Energy Regulatory Commission, regulates electricity, natural gas, oil, and the entire hydropower industry.

As the commission has mandated that all of these companies submit their quarterly and annual accounts and operations information in XBRL, the companies are also leveraging the adoption of this new format to evaluate current processes, mitigate risks, and drive efficiencies and control within their FERC form filing procedures.

Form types covered by the FERC XBRL mandate include:

FERC requires various forms to be filed depending on the type of industry of the company:

Type Electric  Natural  Gas  Oil Services Companies 
Annual 1 2 6 60
Annual 1-F 2-A
Quarter 3-Q 3-Q 6-Q
Annual 714

FERC FORM – 714:

One of the complex FERC forms, Form – 714, collects information for FERC from electric utility balancing authorities and planning areas in the United States. We provide details of how to complete and report this form accurately.

What are the main sections of FORM – 714:

In accordance with the FERC mandate, electric utilities identified as Balancing Area authority and Planning Area authority must include the following information in their annual form 714 in XBRL format.

Entities that are neither balancing authority area operators nor planning area operators, but who are authorized by their members to compile Form 714 data on their behalf, are required to make the data available to their balancing authority area operators and planning area operators in order that those area operators may file the data with FERC. 

A. Part I Schedule 1: Identification and Certification 

B. Part II: Balancing Authority Areas

  • Schedule 1. Generating Plants Included in Reporting Balancing Authority Area
  • Schedule 2. Balancing Authority Area Monthly Capabilities at Time of Monthly Peak Demand
  • Schedule 3. Balancing Authority Area Net Energy for Load and Peak Demand Sources by Month
  • Schedule 4 Instructions: Adjacent Balancing Authority Area Interconnections
  • Schedule 5 Instructions: Balancing Authority Area Scheduled and Actual Interchange
  • Schedule 6 Instructions: Balancing Authority Area Hourly System Lambda

C. PART III: Planning Areas

  • Schedule 1. Electric Utilities that Compose the Planning Area
  • Schedule 2.  Planning Area Hourly Demand
  • Schedule 3. Forecast Summer and Winter Peak Demands and Annual Net Energy for Load

From the above-mentioned roles, two tables that are the biggest and most complex are:

  1. Balancing Authority Area System Lambda Data
  2. Planning Area Hourly Demand

As in these tables, the balancing authorities have to provide the data for each hour of the day for the whole year. In simple words, the data is from 1st Jan of the year till 31st December and from the 1st hour of each day till the 24th hour. 

XBRL tags must be applied to all data applicable to the sections above.

Who needs to Submit: 

  1. Each balancing authority area must file Parts I, II and I of the form 714. 
  2. Each electric utility with its planning area annual peak demand greater than 200 megawatts (MW) must file Parts I, III and IV of the form 714.

How the collected data is used:

For Balancing Authority:

The data collected will be used to obtain a broad picture of interconnected balancing authority area operations including comprehensive information of balancing authority area generation, actual and scheduled inter-balancing authority area power transfers, and load; and to prepare status reports on the electric utility industry including review of inter-balancing authority area bulk power trade information.

For Planning area Authority: 

The data collected will be used to monitor forecasted demands by electric utility entities with fundamental demand responsibility, and to develop hourly demand characteristics.

How to Submit:

If you are looking for either the software platform or professional services to comply with the FERC XBRL mandate, we at Ez XBRL Solutions can help you file with FERC.

Ez-XBRL Solutions is a global provider of XBRL services. Need help with your FERC filing?