A proposed taxonomy that will be used by filers starting in Q1 2023 has been made available by the FERC. This will be the second taxonomy upgrade published by FERC in a year following the switch to the XBRL reporting format in Q3 2021.
With regard to the modifications in the future taxonomy, FERC has posted the following statement on its portal. Please click here to view the complete FERC communication on their portal.
| Form and Page # | Notable Changes |
| Form 1, Page 304 | Deprecated the combined element ‘Commercial and Industrial’, and related elements |
| Form 1, Pages 414 & 419 | Added these schedules to the taxonomy |
| Form 1F, Page 414 & 419 | Added these schedules to the taxonomy |
| Form 2, Page 304 | Updated taxonomy to allow tagging of subtotals by zone of delivery and rate schedule |
| All Forms | Allowed more international addresses |
Draft Vs Current Version
IRIS CARBON® team examined the FERC’s draft taxonomy.
We downloaded all of the taxonomies in their entirety from the FERC’s XBRL view/YETI tool. We compared the draft version to the current version and noticed the modifications indicated below for each of the form types.
Form 1 – Annual Major Electric Utilities
- Schedule ‘414-Schedule-Energy Storage Operations (Large Plants)’ was already available.
- Schedule ‘419-Schedule-Energy Storage Operations (Small Plants)’ is now part of the proposed taxonomy.
- ‘Commercial and Industrial’ in Schedule 304 has been eliminated.
- The Schedule List has been revised to reflect these modifications.
Form 1-F – Annual Non-major Electric Utilities
- The changes are contrary to Form 1. Since schedule ‘419’ was already present, the FERC has added schedule ‘414’ to the draft taxonomy.
- Similar to Form 1, the List of Schedules has been modified in Form 1-F too.
Form 2 – Annual Major Natural Gas Pipelines
- ‘By Rate Schedule’ & ‘By Zone’ has been added to schedule ‘304-Revenues from Transportation of Gas of Others Through Transmission Facilities’
- Addition of label ‘Held Under Title Other Than Full Ownership’ in schedule ‘514-Schedule-Transmission Lines’
No significant modifications are apparent in any of the following forms:
- Form 3-Q – Quarterly Electric Utilities and Natural Gas companies (1-3Q & 2-3Q)
- Form 2-A – Annual Non-major Natural Gas Pipelines
- Form 6 & 6Q – Annual & Quarterly Oil Pipeline Companies
- Form 714 – Annual Electric Balancing Authority and Planning area
- Form 60 – Annual Centralized Service Companies
IRIS CARBON® team is currently testing the Validation and Rendering rule sets supplied by FERC together with the draft taxonomy.
The IRIS CARBON® filing platform will be promptly updated with the revisions and be prepared to accept high-quality submissions once the FERC releases the final taxonomy on March 31st, 2023.
