Electricity markets monitoring at the Federal Energy Regulatory Commission

Summary form only given. The FERC has established an Office of Market Oversight and Investigations to help improve the performance of electricity markets. OMOI has three components: analysis, investigations/enforcement, and communications/management. A deputy for Market Oversight and Assessment heads the analytic shop, which prepares market surveillance briefings for the Commission's closed meetings, seasonal assessments that examine the upcoming cooling or heating season to identify stress points subject to market manipulation and provide expert support to the enforcement staff. The deputy for investigations and enforcement leads a team of 25 attorneys and a similar number of accountants and engineers. Since moving the enforcement function from the general counsel's office, adding new attorneys and other investigators (including a former investigative reporter for a major newspaper) in August 2002, the number of enforcement cases has more than doubled. The key to enhancing the caseload is giving the attorneys the analytic backup they need when they need it. Finally, OMOI's management and communications division deals with the substantial bureaucratic challenges that come with bringing a new team and new culture to a long-standing traditional agency. A team of FERC veterans committed to change led these efforts. Communications is also a major thrust with critical channels to state commissions, regional market monitors and state consumer advocates, as well as with many industry groups. This presentation will explain how OMOI advances the FERC's strategic agenda and will report on OMOI's current status.