On July 27, 2015, FERC released its 2015 version of the Energy Primer: A Handbook of Energy Market Basics (“Energy Primer”). The Energy Primer was developed by staff from the Division of Energy Market Oversight within FERC’s Office of Enforcement. First released in 2012, the Energy Primer is a manual that provides a broad overview of the physical wholesale markets for natural gas and electricity and energy-related financial markets. The 2015 release of the Energy Primer provides an update of the changes in the energy industry since its 2012 release. These changes include:
- The growth of natural gas supplies;
- Expansion of organized electric markets under Independent System Operators (“ISO”) and Regional Transmission Organizations (“RTO”);
- Updated figures and trends for natural gas and electricity markets;
- Updated maps of ISO and RTO regions to reflect physical changes in market areas, and updated descriptions of features of these markets;
- Updated discussions on electronic trading platforms and exchanges, and the financial instruments used for hedging and arbitrage in natural gas and electricity markets; and
- Expanded discussion of the anti-manipulation provisions of the Federal Power Act and the Natural Gas Act.
A copy of the Energy Primer is available here.