On January 9, 2026, the Federal Energy Regulatory Commission (FERC) published a combined notice in the Federal Register, Volume 91, Number 6, announcing the receipt of several electric rate filings. These filings consist of triennial market power analyses from various energy companies operating in the Northeast and Northwest regions. Submitted primarily on December 30 and 31, 2025, the documents are part of the regulatory requirement for entities with market-based rate authority to periodically demonstrate they do not possess market power that could harm competition. This notice opens a window for public intervention and comments until 5 p.m. ET on March 2, 2026, highlighting FERC's ongoing efforts to ensure fair and competitive wholesale electricity markets. The development underscores the commission's role in balancing industry growth with antitrust-like safeguards, potentially affecting how these companies price and sell power.
Overview of the Filings
The notice consolidates 17 docket numbers involving over 30 applicants, ranging from utilities to independent power producers. Each filing is a triennial update required under FERC's market-based rate program, as outlined in Order No. 697. This order, issued in 2007, mandates that sellers provide evidence every three years showing they lack horizontal market power—meaning dominance in generation—and vertical market power, such as control over transmission or fuel supplies. The analyses cover specific balancing authority areas in the Northeast (including ISO New England and New York ISO) and Northwest (such as Bonneville Power Administration territories).
For instance, in Docket Numbers ER10-1801-009, ER10-1805-010, and ER10-2370-008, NSTAR Electric Company, Public Service Company of New Hampshire, and The Connecticut Light and Power Company submitted a joint analysis for the Northeast region. Similarly, multiple filings from entities like Spring Canyon Energy LLC and Judith Gap Energy LLC address the Northwest region. These documents typically include pivotal supplier tests, market share screens, and indicative screens to quantify market influence.
Regional Breakdown and Key Players
The filings are divided between the Northeast and Northwest regions, reflecting FERC's geographic approach to market assessments. In the Northeast, prominent applicants include affiliates of Eversource Energy, such as NSTAR and Connecticut Light and Power, which operate in New England. Other notable entries come from TransAlta entities, including Big Level Wind LLC and Antrim Wind Energy LLC, as well as FirstLight Power Management LLC and its hydro subsidiaries. These companies often highlight their limited market shares in capacity and energy markets, citing data from regional transmission organizations.
In the Northwest, the focus shifts to wind, solar, and generation cooperatives. Invenergy affiliates like Spring Canyon Energy LLC, Judith Gap Energy LLC, and Vantage Wind Energy LLC dominate the list, alongside Pacific Northwest Generating Cooperative and Sempra Gas & Power Marketing, LLC. For example, in Docket ER21-2289-004 and related numbers, AES affiliates such as Clover Creek Solar, LLC, and Pioneer Wind Park I, LLC, provided analyses emphasizing renewable energy's role in diversifying supply without集中 market control.
Affiliations play a critical role, as FERC evaluates market power on an aggregated basis for commonly owned entities. The notice groups related companies, such as TransAlta's multiple LLCs, to ensure comprehensive review. This approach stems from precedents like FERC's decisions in cases involving market manipulation, such as the 2013 Barclays Bank enforcement action, which reinforced the need for robust power analyses.
Regulatory Context and Legal Precedents
FERC's triennial requirement builds on the Federal Power Act, Section 205, which prohibits unjust rates and requires demonstration of competitive conditions for market-based pricing. Without such authority, sellers would revert to cost-based rates, potentially increasing administrative burdens. Key precedents include the 1996 Order No. 888, which promoted open access transmission, and subsequent refinements in Order No. 697, which standardized the market power tests.
Different perspectives emerge in these proceedings. Industry groups, like the Edison Electric Institute, often argue that the triennial process ensures competition while allowing innovation in renewables. Consumer advocates, such as those from Public Citizen, may scrutinize filings for potential market concentration, especially in regions with growing renewable integration. For example, in past dockets, intervenors have challenged analyses by pointing to high market shares during peak periods, leading FERC to impose mitigation measures like price caps.
The notice also references eLibrary access for full filings, encouraging transparency. Commenters can draw on official data, such as FERC Form No. 556, which details ownership and market shares.
Implications and Perspectives
Short-term implications include FERC's potential issuance of orders affirming or revoking market-based rates by mid-2026, based on comments. Long-term, these analyses influence grid reliability and the transition to clean energy, as seen in the Biden administration's emphasis on renewables—though no direct executive actions are cited here.
Stakeholders offer varied views: utilities stress that passing these tests supports investment, while critics highlight risks of oligopolistic behavior in concentrated markets. Without endorsing positions, the process reflects a balance between deregulation and oversight.
Forward-Looking Conclusion
This combined notice marks a routine yet essential step in FERC's regulatory framework, ensuring ongoing competition in electricity markets. Potential next steps include public interventions that could lead to hearings or further data requests from FERC. Ongoing debates center on updating market power tests amid rising renewables and potential grid congestion, with challenges like integrating storage technologies possibly shaping future filings.
