The Federal Energy Regulatory Commission (FERC) is an independent agency overseeing the interstate transmission of electricity, natural gas, and oil in the US. The FERC ensures that US energy consumers have access to efficient and sustainable energy at a reasonable price.
The FERC collects operational and financial data from the companies it regulates. Since Q3 2021, the FERC has adopted an XBRL-based system of data collection, moving on from the obsolete Visual FoxPro-based system which Microsoft has stopped supporting.
The FERC has begun to use XBRL for data collection because the digital format helps produce machine-readable data that is easier to access, analyze, and compare. XBRL also modernizes the filing process due to the use of cutting-edge software solutions that enhance quality.