Terra-Gen Operating Company Wins The FERC Mandate Game With IRIS CARBON®

In this case study, we tell you about how Terra-Gen, a US renewable energy company, complied with FERC XBRL requirements with IRIS CARBON®’s help.

Customer Profile

Terra-Gen

Terra-Gen Operating Company, LLC is a renewable energy company established in August 2007. The company focuses on developing, owning, and operating utility-scale wind, solar, and energy storage facilities. It owns 1.3 GWs (net equity) of wind, solar, and energy generating capacity in operation across 30 renewable power facilities throughout the Western United States. Terra-Gen’s subsidiaries operate and maintain over 2,000 MWs of renewable projects. The company continues to expand operations in renewable generation by acquiring operational projects, developing new ones, and collaborating on mid-and late-stage development opportunities.

Business Challenges

Terra-Gen Operating Company periodically files operational and financial information with the Federal Energy Regulatory Commission (FERC). From the third quarter of 2021, FERC discontinued its MS Visual FoxPro-based data collection system and adopted XBRL as the format in which it would receive information from the companies it regulates. Companies had to look for software solutions that help them represent their operational and financial data in XBRL format.

Terra-Gen started evaluating software providers who could assist with XBRL filings. The company needed a solution that was easy to use and allowed a smooth transition to the new reporting requirement.

IRIS CARBON® was the platform of choice for Terra-Gen. It provides an easy-to-use user interface, enabling reporting teams to easily upload an MS Excel file to transfer data to the platform. It also allows numerous people to work together to create a single document. Furthermore, the IRIS CARBON® team has over 17 years of experience assisting businesses with XBRL-based compliance.

Project Objectives

Team IRIS CARBON® had the following goals listed in consideration of what Terra-Gen sought to accomplish

Demonstrate Product Capabilities To Team Terra-Gen

The demonstration covered the FERC schedule-based tagging features of IRIS CARBON®. FERC filers using IRIS CARBON® need not worry about XBRL tagging because the platform comes with in-built pre-tagged FERC forms. During filing, all filers need to do is enter the right data points in the correct fields in their excel sheets.

Ensure Team Terra-Gen Was Comfortable Using IRIS CARBON® Platform

We had to familiarize the Terra-Gen team with the new reporting format. The key objective was to ensure they were well equipped to carry out error-free, efficient, and timely submissions to FERC.

The FERC Filing Approach

IRIS CARBON® got team Terra-Gen started on their FERC compliance journey with the platform demo and training. To their credit, Team Terra-Gen was swift to put the training into practice by accomplishing all the processes demonstrated. The result was a two-hour training session completed in just one hour. Following the training session, the Terra-Gen team felt sure they would be prepared to test-file their documents with FERC the next day.

Terra-Gen is a highly-efficient organization when it comes to operations. They are used to planning and completing their FERC submissions ahead of the deadline. They proved this by submitting their Q1 2022 entries during the first week of May, even though the deadline was the 31st of May. After completing their Q1 2022 submission, they had the following to say about IRIS CARBON®: “It is a very efficient format and expedites the process significantly.”

IRIS CARBON® is glad to help Terra-Gen comply with regulations and assist them in expediting their filing process while maintaining the highest levels of quality.

“Our company has been using the IRIS CARBON® FERC Form 1/3Q XBRL platform for several months now. We are extremely pleased with the ease of use of the software and the complete customer support we have received for this platform.

We get timely notices of outages and updates. This platform has made our FERC Form 1/3Q filing much easier and less time-consuming for us.”

Susan Padilla
Director of Accounting

Key Results Achieved

Working with an efficient XBRL reporting solution such as IRIS CARBON® helped team Terra-Gen submit their filings to the Federal Energy Regulatory Commission (FERC) in record time.

Team Terra-Gen believes they could have a successful FERC filing because

  • Team IRIS CARBON® was available round the clock to provide quick and reliable support and
  • Our product team pays close attention to client inputs and acts fast to meet their needs.

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