FERC Confirms It Lacks Jurisdiction over Unbundled Renewable Energy Certificate Sales
On April 20, 2012, the Federal Energy Regulatory Commission (“FERC”) issued an order accepting proposed revisions to the WSPP Agreement addressing sales of renewable energy certificates (“RECs”) made pursuant to that agreement. In the course of issuing rthis order FERC confirmed something participants in the U.S. energy markets had long suspected: that FERC’s jurisdiction extends to sales of RECs made in conjunction, or “bundled,” with a sale of wholesale electric power, but does not extend to sales of RECs alone, which FERC refers to as “unbundled” REC sales. The WSPP Agreement is a form of agreement used by hundreds of sellers of electric energy along the West Coast of the U.S. and Canada, and amendments to that agreement are subject to FERC approval.
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