On March 28, 2024, the Midcontinent Independent System Operator, Inc. (“MISO”) submitted a filing to the Federal Energy Regulatory Commission (“FERC”) proposing revisions to its Open Access Transmission, Energy and Operating Reserve Markets Tariff (“Tariff”) to implement a direct loss of load (“DLOL”) based accreditation methodology.  The DLOL methodology will be used to accredit resources for MISO’s annual Planning Resource Auction and to determine a load serving entity’s resource adequacy for each season during the applicable year.  According to MISO, the proposal will better account for how different resources bolster grid reliability during stress periods.  MISO requests that the tariff revisions take effect on September 1, 2024.

On December 12, 2023, FERC staff offered information and recommendations to help registered entities (i.e., users, owners, and operators of the bulk electric system) improve their compliance with mandatory Critical Infrastructure Protection (“CIP”) reliability standards and their overall cybersecurity postures (the “Report”).  The recommendations are based on FERC staff’s non-public CIP audits of U.S.-based North American Electric Reliability Corporation (“NERC”) registered entities during Fiscal Year 2023, which included the participation of NERC and the regional entities.  FERC staff found that registered entities generally met the mandatory requirements of the CIP Standards, although potential noncompliance and security risks remained. FERC staff also identified and made recommendations concerning other voluntary best practices that could improve cybersecurity.  FERC staff explained that the CIP standards aim to mitigate cybersecurity and physical security risks to the bulk electric system’s facilities and equipment.  The Commission approved the first set of eight mandatory CIP standards on cybersecurity on January 28, 2008, and has since revised the standards to respond to emerging cybersecurity issues.  FERC began its CIP standards audit program for registered entities in 2016 and has conducted CIP audits each year since.  

On November 16, 2023, FERC staff issued the 2023-2024 Winter Energy Market and Electric Reliability Assessment report, projecting trends and identifying considerations for energy markets and electric reliability for the upcoming winter (December through February). The report focuses on weather outlook, the state of the natural gas and electricity markets, and initiatives implemented in the wake of Winter Storm Elliott.

On October 19, 2023, FERC issued a final rule directing the North American Reliability Corporation (“NERC”) to develop or modify reliability standards to address reliability concerns attributable to inverter-based resources (“IBRs”)—i.e., solar photovoltaic, wind, fuel cell, and battery storage resources. FERC explained that the current reliability standards were designed for a grid mostly comprised of synchronous resources, where all generators are operating at the same frequency across the grid. In recent years, there has been a substantial increase in renewable generation, such as wind and solar, which is largely nonsynchronous, meaning generators that do not operate at the same frequency as the synchronized grid. Nonsynchronous resources are often programmed to trip offline during system disturbances, resulting in the potential loss of significant amounts of generation at one time. FERC issued this order in response to the “unprecedented proportion of nonsynchronous resources” expected to connect to the grid in the coming years and the “material impact” of IBRs on the Bulk Power System, including at least 12 documented events where IBRs responded “unexpectedly and adversely” to normally cleared line faults and the largest IBR-related disturbance NERC has ever recorded. The rule directs NERC to submit the updated standards by November 4, 2026.