The Federal Energy Regulatory Commission (FERC) has rolled out its Version 2025-04-01 taxonomy; effective for all filings submitted after March 28, 2025. Here’s a streamlined breakdown of the changes, so you can adapt your processes swiftly and ensure compliance without missing a beat.
What’s New?
FERC’s 2025 taxonomy version is now mandatory for the following filings:
- Form 714 (2024 year-end).
- Quarterly Forms 3-Q (Electric & Gas) and 6-Q (2025).
- Annual Forms 1, 1-F, 2, 2-A, and 6.
Note: Form 60 is to be submitted through 2024 Taxonomy only.
Form-Specific Changes to Note
| Form | Change |
| Form 1 & 1-3Q | ✅ Changes included |
| Form 2, 2-A & 2-3Q | ✅ Changes included |
| Form 3-Q | ✅ Updated for both electric & gas |
| Form 6-Q | ❌ No changes |
| Form 714 | ✅ Updated using 2025 taxonomy for 2024 filing |
Detailed Form Updates
Form 1 & 1-3Q
A key theme this year: Environmental Credits. Several label changes have been made to align with expanded reporting requirements, along with new additions to several schedules.
Label Revisions and Additions included for: 204, 208, 228a, 320, 324, 325, 336, 338, 354, 401a, 402, 404, 410, 414, 419
Form 2 & 2-3Q
A few small but important refinements:
- Cash Flow Formula Update: Line 74 now correctly references the total of lines 18, 49, and 70.
- Correction in Terminology: “Liquefield” has been corrected to “Liquefied” in LNG withdrawal reporting under Schedule 310.
Form 6-Q
No changes have been made to the taxonomy—filing requirements remain consistent with previous versions.
Key Enhancements in the 2025 Taxonomy
FERC has introduced several improvements with this update to streamline e-form reporting and boost efficiency across the board. Highlights include:
- Faster Performance: Enhanced optimization for quicker validation and rendering in the FERC e-Form Viewer.
- Order No. 898 Implementation: Incorporated changes from Order No. 898 into the taxonomy, validation rules, and rendering engine.
These improvements aim to reduce processing time, improve accuracy, and ensure better alignment with evolving regulatory requirements.
Explore full details and official resources on FERC’s eForms Refresh page.
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Get ahead of your FERC compliance game. IRIS CARBON® makes the transition to the 2025 taxonomy effortless, so you can focus on what matters most.
