16 U.S.C. § 824t : US Code - Section 824T: Electricity market transparency rules

Search 16 U.S.C. § 824t : US Code - Section 824T: Electricity market transparency rules

(a) In general
(1) The Commission is directed to facilitate price transparency
in markets for the sale and transmission of electric energy in
interstate commerce, having due regard for the public interest, the
integrity of those markets, fair competition, and the protection of
consumers.
(2) The Commission may prescribe such rules as the Commission
determines necessary and appropriate to carry out the purposes of
this section. The rules shall provide for the dissemination, on a
timely basis, of information about the availability and prices of
wholesale electric energy and transmission service to the
Commission, State commissions, buyers and sellers of wholesale
electric energy, users of transmission services, and the public.
(3) The Commission may -
(A) obtain the information described in paragraph (2) from any
market participant; and
(B) rely on entities other than the Commission to receive and
make public the information, subject to the disclosure rules in
subsection (b) of this section.
(4) In carrying out this section, the Commission shall consider
the degree of price transparency provided by existing price
publishers and providers of trade processing services, and shall
rely on such publishers and services to the maximum extent
possible. The Commission may establish an electronic information
system if it determines that existing price publications are not
adequately providing price discovery or market transparency.
Nothing in this section, however, shall affect any electronic
information filing requirements in effect under this chapter as of
August 8, 2005.
(b) Exemption of information from disclosure
(1) Rules described in subsection (a)(2) of this section, if
adopted, shall exempt from disclosure information the Commission
determines would, if disclosed, be detrimental to the operation of
an effective market or jeopardize system security.
(2) In determining the information to be made available under
this section and time to make the information available, the
Commission shall seek to ensure that consumers and competitive
markets are protected from the adverse effects of potential
collusion or other anticompetitive behaviors that can be
facilitated by untimely public disclosure of transaction-specific
information.
(c) Information sharing
(1) Within 180 days of August 8, 2005, the Commission shall
conclude a memorandum of understanding with the Commodity Futures
Trading Commission relating to information sharing, which shall
include, among other things, provisions ensuring that information
requests to markets within the respective jurisdiction of each
agency are properly coordinated to minimize duplicative information
requests, and provisions regarding the treatment of proprietary
trading information.
(2) Nothing in this section may be construed to limit or affect
the exclusive jurisdiction of the Commodity Futures Trading
Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.).
(d) Exemption from reporting requirements
The Commission shall not require entities who have a de minimis
market presence to comply with the reporting requirements of this
section.
(e) Penalties for violations occurring before notice
(1) Except as provided in paragraph (2), no person shall be
subject to any civil penalty under this section with respect to any
violation occurring more than 3 years before the date on which the
person is provided notice of the proposed penalty under section
825o-1 of this title.
(2) Paragraph (1) shall not apply in any case in which the
Commission finds that a seller that has entered into a contract for
the sale of electric energy at wholesale or transmission service
subject to the jurisdiction of the Commission has engaged in
fraudulent market manipulation activities materially affecting the
contract in violation of section 824v of this title.
(f) ERCOT utilities
This section shall not apply to a transaction for the purchase or
sale of wholesale electric energy or transmission services within
the area described in section 824k(k)(2)(A) of this title.