Supplemental Notice of Technical Conference, 29065-29068 [2017-13391]

Download as PDF 29065 Federal Register / Vol. 82, No. 122 / Tuesday, June 27, 2017 / Notices mstockstill on DSK30JT082PROD with NOTICES blanket authorization, under 18 CFR part 34, of future issuances of securities and assumptions of liability. Any person desiring to intervene or to protest should file with the Federal Energy Regulatory Commission, 888 First Street NE., Washington, DC 20426, in accordance with Rules 211 and 214 of the Commission’s Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone filing a motion to intervene or protest must serve a copy of that document on the Applicant. Notice is hereby given that the deadline for filing protests with regard to the applicant’s request for blanket authorization, under 18 CFR part 34, of future issuances of securities and assumptions of liability, is July 11, 2017. The Commission encourages electronic submission of protests and interventions in lieu of paper, using the FERC Online links at http:// www.ferc.gov. To facilitate electronic service, persons with Internet access who will eFile a document and/or be listed as a contact for an intervenor must create and validate an eRegistration account using the eRegistration link. Select the eFiling link to log on and submit the intervention or protests. Persons unable to file electronically should submit an original and 5 copies of the intervention or protest to the Federal Energy Regulatory Commission, 888 First Street NE., Washington, DC 20426. The filings in the above-referenced proceeding are accessible in the Commission’s eLibrary system by clicking on the appropriate link in the above list. They are also available for electronic review in the Commission’s Public Reference Room in Washington, DC. There is an eSubscription link on the Web site that enables subscribers to receive email notification when a document is added to a subscribed docket(s). For assistance with any FERC Online service, please email FERCOnlineSupport@ferc.gov. or call (866) 208–3676 (toll free). For TTY, call (202) 502–8659. Dated: June 21, 2017. Nathaniel J. Davis, Sr., Deputy Secretary. [FR Doc. 2017–13384 Filed 6–26–17; 8:45 am] BILLING CODE 6717–01–P VerDate Sep<11>2014 18:33 Jun 26, 2017 Jkt 241001 DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Combined Notice of Filings #2 Take notice that the Commission received the following electric corporate filings: Docket Numbers: EC17–132–000. Applicants: FPL Energy Wyman IV LLC, Public Service Company of New Hampshire. Description: Application for Authorization for Disposition of Jurisdictional Facilities Under Section 203 of the Federal Power Act and Request for Expedited Action of FPL Energy Wyman IV LLC, et. al. Filed Date: 6/21/17. Accession Number: 20170621–5146. Comments Due: 5 p.m. ET 7/12/17. Take notice that the Commission received the following exempt wholesale generator filings: Docket Numbers: EG17–119–000. Applicants: Buckthorn Wind, LLC. Description: Notice of SelfCertification of Exempt Wholesale Generator Status of Buckthorn Wind, LLC. Filed Date: 6/21/17. Accession Number: 20170621–5118. Comments Due: 5 p.m. ET 7/12/17. Docket Numbers: EG17–120–000. Applicants: Bearkat Wind Energy I, LLC. Description: Bearkat Wind Energy I, LLC’s Notice of Self-Certification of Exempt Wholesale Generator Status. Filed Date: 6/21/17. Accession Number: 20170621–5149. Comments Due: 5 p.m. ET 7/12/17. Take notice that the Commission received the following electric rate filings: Docket Numbers: ER17–1877–000. Applicants: Southern California Edison Company. Description: § 205(d) Rate Filing: Letter Agreement Huntington Beach Energy Project SA No. 193 to be effective 6/22/2017. Filed Date: 6/21/17. Accession Number: 20170621–5087. Comments Due: 5 p.m. ET 7/12/17. Docket Numbers: ER17–1878–000. Applicants: Southern California Edison Company. Description: § 205(d) Rate Filing: Letter Agreement Alamitos Energy Center Project SA No. 194 to be effective 6/22/2017. Filed Date: 6/21/17. Accession Number: 20170621–5088. Comments Due: 5 p.m. ET 7/12/17. Docket Numbers: ER17–1879–000. PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 Applicants: New York Independent System Operator, Inc. Description: § 205(d) Rate Filing: 205 filing of Rate Schedule 1 revisions for Ramapo PARs cost recovery to be effective 7/1/2017. Filed Date: 6/21/17. Accession Number: 20170621–5124. Comments Due: 5 p.m. ET 7/12/17. Docket Numbers: ER17–1880–000. Applicants: Midcontinent Independent System Operator, Inc. Description: § 205(d) Rate Filing: 2017–06–21_SA 900 Termination of Entergy—Southcoast Wind LGIA to be effective 9/4/2017. Filed Date: 6/21/17. Accession Number: 20170621–5147. Comments Due: 5 p.m. ET 7/12/17. The filings are accessible in the Commission’s eLibrary system by clicking on the links or querying the docket number. Any person desiring to intervene or protest in any of the above proceedings must file in accordance with Rules 211 and 214 of the Commission’s Regulations (18 CFR 385.211 and 385.214) on or before 5:00 p.m. Eastern time on the specified comment date. Protests may be considered, but intervention is necessary to become a party to the proceeding. eFiling is encouraged. More detailed information relating to filing requirements, interventions, protests, service, and qualifying facilities filings can be found at: http://www.ferc.gov/ docs-filing/efiling/filing-req.pdf. For other information, call (866) 208–3676 (toll free). For TTY, call (202) 502–8659. Dated: June 21, 2017. Nathaniel J. Davis, Sr., Deputy Secretary. [FR Doc. 2017–13382 Filed 6–26–17; 8:45 am] BILLING CODE 6717–01–P DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket Nos. AD17–12–000; PL03–3–000; AD03–7–000; ER17–795–000; ER17–795– 001; RP16–1299–000; RP16–1299–001; RP16–1299–002; ER17–386–001; ER17–386– 002] Supplemental Notice of Technical Conference Docket Nos. Developments in Natural Gas Index Liquidity and Transparency. Price Discovery in Natural Gas and Electric Markets. Natural Gas Price Formation ... ISO New England Inc ............... E:\FR\FM\27JNN1.SGM 27JNN1 AD17–12–000 PL03–3–000 AD03–7–000 ER17–795–000 ER17–795–001 29066 Federal Register / Vol. 82, No. 122 / Tuesday, June 27, 2017 / Notices Kinetica Energy Express, LLC New York Independent System Operator, Inc. RP16–1299–000 RP16–1299–001 RP16–1299–002 ER17–386–001 ER17–386–002 Supplemental Notice of Technical Conference As announced in the Notices issued May 10, 2017,1 and June 13, 2017,2 Federal Energy Regulatory Commission (Commission) staff will hold a technical conference on Thursday, June 29, 2017 from 9:00 a.m. to 5:30 p.m. to discuss the state of liquidity and transparency in the physical natural gas markets. A revised agenda and list of panel participants for this conference are attached. The conference is free of charge and open to the public. Commission members may participate in the conference. This Supplemental Notice contains the following changes to the previouslyissued technical conference agenda: (1) Edward Fortunato, Managing Director of Analytics for Constellation Energy, Exelon Corporation is not participating as a panelist on Panels 1 and 2 of the technical conference and; (2) Gregg Bradley, Supervisor of Market Compliance for the Internal Market Docket No. AD17–12–000 mstockstill on DSK30JT082PROD with NOTICES June 29, 2017 Agenda The purpose of the staff-led Technical Conference on Developments in Natural Gas Index Liquidity and Transparency is to solicit feedback and develop a record regarding index robustness and to discuss what, if anything, the industry and/or the Commission could do to increase transparency and support greater robustness in natural gas price formation. The technical conference 1 Developments in Natural Gas Index Liquidity and Transparency, Docket No. AD17–12–000 (May 10, 2017) (Notice of Technical Conference) (https:// VerDate Sep<11>2014 18:33 Jun 26, 2017 Jkt 241001 Monitor, ISO New England Inc. will be a panelist on Panel 2 of the technical conference. Christopher Hamlen, Regulatory Counsel, ISO–NE, is not participating as a panelist. In addition, please take note that the Commission will accept post technical conference comments up to 30 days after the technical conference. Please file any comments with the Commission by July 31, 2017. If they have not already done so, those who plan to attend the technical conference are strongly encouraged to complete the registration form located at: https://www.ferc.gov/whats-new/ registration/06-29-17-form.asp. The dress code for the conference will be business casual. The technical conference will be transcribed. Transcripts will be available from Ace Reporting Company and may be purchased online at www.acefederal.com, or by phone at (202) 347–3700. In addition, there will be a free webcast of the conference. The webcast will allow persons to listen, but not participate, and will be accessible at www.ferc.gov Calendar of Events. The Capitol Connection provides technical support for the webcast and offers the option of listening to the technical conference via phone-bridge for a fee; will examine: (1) The current state of natural gas index liquidity and voluntary reporting to index developers; (2) the use of natural gas indices over time; and (3) possible actions that the industry and/or the Commission could take to increase transparency and support greater robustness in natural gas price formation. 9:00 a.m.–9:15 a.m. Welcome and Opening Remarks 9:15 a.m.–9:45 a.m. Natural Gas Index Presentation (Commission Staff) elibrary.ferc.gov/IDMWS/common/ opennat.asp?fileID=14586688). 2 Developments in Natural Gas Index Liquidity and Transparency, Docket No. AD17–12–000 (June PO 00000 Frm 00045 Fmt 4703 Sfmt 4703 visit www.CapitolConnection.org or call (703) 993–3100 with any webcast questions. Commission conferences are accessible under section 508 of the Rehabilitation Act of 1973. For accessibility accommodations, please send an email to accessibility@ferc.gov or call toll free 1–866–208–3372 (voice) or 202–208–1659 (TTY), or send a FAX to 202–208–2106 with the required accommodations. For more information about the technical conference, please contact: Sarah McKinley (Logistics), Federal Energy Regulatory Commission, 888 First Street NE., Washington, DC 20426, (202) 502–8368, Sarah.Mckinley@ferc.gov. Eric Primosch (Technical), Federal Energy Regulatory Commission, 888 First Street NE., Washington, DC 20426, (202) 502–6483, Eric.Primosch@ferc.gov. Omar Bustami (Legal), Federal Energy Regulatory Commission, 888 First Street NE., Washington, DC 20426, (202) 502–6214, Omar.Bustami@ ferc.gov. Dated: June 21, 2017. Nathaniel J. Davis, Sr., Deputy Secretary. Staff will present an overview of natural gas transactions using FERC Form No. 552 data. The presentation will review trends in next-day and nextmonth transactions, the number of companies that report to index developers, and the volume of fixedpriced transactions that contribute to natural gas indices. Staff will also present an overview of natural gas indices referenced in jurisdictional tariffs. 13, 2017) (Supplemental Notice of Technical Conference) (https://elibrary.ferc.gov/IDMWS/ common/opennat.asp?fileID=14613488). E:\FR\FM\27JNN1.SGM 27JNN1 EN27JN17.000</GPH> Docket Nos. mstockstill on DSK30JT082PROD with NOTICES Federal Register / Vol. 82, No. 122 / Tuesday, June 27, 2017 / Notices 9:45 a.m.–12:00 p.m. Panel 1: Robustness and Liquidity of Natural Gas Indices Most price indices are supplied as a commercial service by publishers of daily, weekly, or monthly newsletters. Price indices play a pivotal role in natural gas market price formation, and are commonly referenced in physical and financial transactions. This panel will examine the robustness and liquidity of natural gas indices, the degree of industry reliance on indexbased contracts rather than fixed-price contracts, the decline in fixed-price reporting to index developers, and whether natural gas indices accurately reflect market conditions. Panelists are encouraged to respond to the following: 1. Describe the current trends in natural gas fixed-price and physical basis trading that you believe positively or negatively impact price formation in the natural gas market, detailing any observable shifts in liquidity. Are there differences in market fundamentals, procedures, or policies which disproportionately impact either overall or regional liquidity? 2. How have the volume and quality of next-day and next-month fixed-price and physical basis transaction reporting changed? In addition, describe any changes in other information used to form natural gas indices. Are there market, regulatory, or other factors that discourage reporting? If so, are there ways to incent reporting? 3. For indices published by index developers and referenced in FERC jurisdictional tariffs, the Commission requires index developers to comply with five standards: (1) Code of conduct and confidentiality; (2) completeness; (3) data verification, error correction, and monitoring; (4) verifiability; and (5) availability and accessibility.3 How have index developers’ methodologies and practices changed since these standards were developed? Are the standards established in 2003 still relevant and sufficient to allow for healthy and robust natural gas price formation in today’s environment? 4. Is there a need for additional transparency regarding natural gas index price assessments and the level of liquidity underlying each natural gas index published by index developers? Should common minimum liquidity thresholds be defined? If so, who should define them, and what should be the mechanism for accomplishing this? For example, should index developers provide information about which 3 Policy Statement on Natural Gas and Electric Price Indices, 104 FERC ¶ 61,121, at P 33 (2003). VerDate Sep<11>2014 18:33 Jun 26, 2017 Jkt 241001 indices are illiquid? What kind of coordination would be necessary, and what kind of information would be shared, and with whom, when a given natural gas price index is deemed illiquid? Panelists • Mark Callahan, Editorial Director of Platts North America, S&P Global • J.C. Kneale, Vice President of North American Natural Gas, Power & NGL Markets, InterContinental Exchange • Euan Craik, Chief Executive Officer, Argus Media • Tom Haywood, Editor of Natural Gas Week, Energy Intelligence • Dexter Steis, Executive Publisher, Natural Gas Intelligence • Vince Kaminski, Professor in Practice of Energy, Rice University • Orlando Alvarez, President and CEO, BP Energy Company 12:00 p.m.–1:00 p.m. Break 1:00 p.m.–3:30 p.m. Panel 2: Role of Natural Gas Indices in Price Formation Natural gas indices are used by industry for a variety of purposes, such as settling bilateral contracts of varying terms, basis swap futures, index swap futures, swing swap futures, and calendar and basis spreads. Natural gas indices also are used in FERC jurisdictional interstate natural gas pipeline and wholesale electric transmission tariffs for various purposes. For example, indices are used in many interstate natural gas pipeline tariffs to settle imbalances or determine penalties. In addition, State Commissions use indices as benchmarks in reviewing the prudence of natural gas purchases by local distribution companies. Finally, some Regional Transmission Organizations and Independent System Operators (RTOs/ ISOs) rely on natural gas indices to develop reference levels for market power mitigation. Given the prevalence of indices in the natural gas and electric industries, indices must be robust and have the confidence of market participants for such markets to function properly and efficiently. Panelists are encouraged to respond to the following: 1. Describe current industry uses of physical natural gas price indices. Are natural gas price indices sufficiently reflecting the locational value of natural gas to permit decision-making by those with an interest in the value of natural gas such as: End users, producers, marketers, and other buyers and sellers? 2. Are there improvements that should be made to increase the likelihood that natural gas indices will PO 00000 Frm 00046 Fmt 4703 Sfmt 4703 29067 reflect the market value at particular locations? For example, could index publishers provide increased transparency when there are insufficient transactions to formulate an index price? What additional information could signal that market activity is sufficiently robust to create accurate prices? 3. For RTOs/ISOs that rely on natural gas indices to develop reference levels for market power mitigation, do you have concerns about the robustness or liquidity of the natural gas indices used in your tariffs? If so, please explain why. 4. Recognizing that the use of natural gas indices in FERC jurisdictional tariffs is different from their use in commercial transactions, the Commission established liquidity thresholds for indices referenced in jurisdictional tariffs.4 Do these thresholds accurately capture minimum liquidity thresholds over an appropriate time period? Should the liquidity of indices referenced in FERC jurisdictional tariffs be reassessed periodically, and if so, who should assess it, and what should be the mechanism for accomplishing this? What kind of coordination would be necessary, and what kind of information should be shared and with whom, should a given index be deemed illiquid? Panelists: • Paul Greenwood, Vice President of the Americas, Africa, and Asia Pacific New Markets for ExxonMobil, Natural Gas Supply Association Representative • Pallas LeeVanSchaik, External Market Monitor, Potomac Economics • Guillermo Bautista Alderete, Director of Market Analysis and Forecasting, California ISO • Gregg Bradley, Supervisor of Market Compliance for the Internal Market Monitor, ISO New England Inc. • George Wayne, Director of Account Services for the Western Pipelines, Kinder Morgan • Corey Grindal, Senior Vice President of Gas Supply, Cheniere Energy • David Louw, Division Director of Risk Management and Compliance, Macquarie Energy • Donnie Sharp, Senior Natural Gas Supply Coordinator for Huntsville Utilities, American Public Gas Association Representative • Lee Bennett, Manager, Pricing and Business Analysis for Transcanada, Interstate Natural Gas Association of America Representative • Susan Bergles, Assistant General Counsel, American Gas Association 4 Price Discovery in Natural Gas and Electric Markets, 109 FERC ¶ 61,184 at P60 (2004). E:\FR\FM\27JNN1.SGM 27JNN1 29068 Federal Register / Vol. 82, No. 122 / Tuesday, June 27, 2017 / Notices 3:30 p.m.–3:45 p.m. Break 3:45 p.m.–5:25 p.m. Panel 3: Options To Increase Transparency and Liquidity of Natural Gas Indices Should action be taken to foster more meaningful, reliable, and transparent price information in natural gas markets? What changes may be necessary to incent voluntary price reporting and improve the accuracy, reliability, and transparency of natural gas price indices? Discuss the degree to which the level of voluntary reporting and other developments within the commercial service model of natural gas index development impact the robustness of natural gas indices. Panelists are encouraged to respond to the following: 1. Is there a need to develop industry wide liquidity thresholds? While the Commission maintains certain liquidity thresholds for indices referenced in jurisdictional tariffs, should standards be developed that would apply to other uses of natural gas indices? If so, how can such standards be developed and by whom? Can this be addressed through voluntary consensus or through other regulatory processes? Are there legal, commercial, or technical impediments to doing so? 2. Should the Commission take steps to provide greater natural gas price transparency and market information, promote index developer competition, and enhance confidence in natural gas price formation through increased transparency and accessibility of natural gas index information? For example, should the Commission consider exercising its authority under section 23(a)(1) through (3) of the Natural Gas Act to require market participants to report price forming transactions to index developers? 3. Is index data sufficiently available and transparent? Does the commercial service model negatively or positively impact price formation? What actions, policies, or trends have impacted price discovery? Is there additional information market participants need to ensure robust natural gas price formation? Who should provide that information? How would that information be shared? mstockstill on DSK30JT082PROD with NOTICES Panelists: • Greg Leonard, Vice President, Cornerstone Research • Orlando Alvarez, President and CEO, BP Energy Company • Mark Callahan, Editorial Director for Platts North America, S&P Global • J.C. Kneale, Vice President of North American Natural Gas, Power & NGL Markets, InterContinental Exchange VerDate Sep<11>2014 18:33 Jun 26, 2017 Jkt 241001 • Vince Kaminski, Professor in Practice of Energy, Rice University • Curtis Moffatt, Deputy General Counsel and Vice President, Kinder Morgan • Joe Bowring, President, Monitoring Analytics • Corey Grindal, Senior Vice President of Gas Supply, Cheniere Energy • Tom Haywood, Editor of Natural Gas Week, Energy Intelligence • Drew Fossum, Senior Vice President and General Counsel, Tenaska Inc. • Joan Dreskin, Vice President and General Counsel, Interstate Natural Gas Association of America 5:25 p.m.–5:30 p.m. Closing Remarks Northwest Pipeline, LLC; Notice of Intent To Prepare an Environmental Assessment for the Proposed North Seattle Lateral Upgrade Project, Request for Comments on Environmental Issues, and Notice of Public Scoping Session This notice is being sent to the Commission’s current environmental mailing list for this project. State and local government representatives should notify their constituents of this proposed project and encourage them to comment on their areas of concern. If you are a landowner receiving this notice, a pipeline company representative may contact you about the acquisition of an easement to construct, operate, and maintain the proposed facilities. The company would seek to negotiate a mutually acceptable agreement. However, if the Commission approves the project, that approval conveys with it the right of eminent domain. Therefore, if easement negotiations fail to produce an agreement, the pipeline company could initiate condemnation proceedings where compensation would be determined in accordance with state law. Northwest provided landowners with a fact sheet prepared by the FERC entitled ‘‘An Interstate Natural Gas Facility On My Land? What Do I Need To Know?’’ This fact sheet addresses a number of typically asked questions, including the use of eminent domain and how to participate in the Commission’s proceedings. It is also available for viewing on the FERC Web site (www.ferc.gov). The staff of the Federal Energy Regulatory Commission (FERC or Commission) will prepare an environmental assessment (EA) that will discuss the environmental impacts of the North Seattle Lateral Upgrade Project involving construction and operation of facilities by Northwest Pipeline, LLC (Northwest) in Snohomish County, Washington. The Commission will use this EA in its decision-making process to determine whether the project is in the public convenience and necessity. This notice announces the opening of the scoping process the Commission will use to gather input from the public and interested agencies on the project. You can make a difference by providing us with your specific comments or concerns about the project. Your comments should focus on the potential environmental effects, reasonable alternatives, and measures to avoid or lessen environmental impacts. Your input will help the Commission staff determine what issues they need to evaluate in the EA. To ensure that your comments are timely and properly recorded, please send your comments so that the Commission receives them in Washington, DC on or before July 21, 2017. Public Participation For your convenience, there are four methods you can use to submit your comments to the Commission. The Commission will provide equal consideration to all comments received, whether filed in written form or provided verbally. The Commission encourages electronic filing of comments and has expert staff available to assist you at (202) 502–8258 or FercOnlineSupport@ferc.gov. Please carefully follow these instructions so that your comments are properly recorded. (1) You can file your comments electronically using the eComment feature on the Commission’s Web site (www.ferc.gov) under the link to Documents and Filings. This is an easy method for submitting brief, text-only comments on a project; or (2) You can file your comments electronically by using the eFiling feature on the Commission’s Web site (www.ferc.gov) under the link to Documents and Filings. With eFiling, you can provide comments in a variety of formats by attaching them as a file with your submission. New eFiling users must first create an account by clicking on ‘‘eRegister.’’ If you are filing a comment on a particular project, [FR Doc. 2017–13391 Filed 6–26–17; 8:45 am] BILLING CODE 6717–01–P DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. CP17–441–000] PO 00000 Frm 00047 Fmt 4703 Sfmt 4703 E:\FR\FM\27JNN1.SGM 27JNN1

Agencies

[Federal Register Volume 82, Number 122 (Tuesday, June 27, 2017)]
[Notices]
[Pages 29065-29068]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-13391]


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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. AD17-12-000; PL03-3-000; AD03-7-000; ER17-795-000; ER17-
795-001; RP16-1299-000; RP16-1299-001; RP16-1299-002; ER17-386-001; 
ER17-386-002]


Supplemental Notice of Technical Conference

------------------------------------------------------------------------
                                                   Docket Nos.
------------------------------------------------------------------------
Developments in Natural Gas Index        AD17-12-000
 Liquidity and Transparency.
Price Discovery in Natural Gas and       PL03-3-000
 Electric Markets.
Natural Gas Price Formation............  AD03-7-000
ISO New England Inc....................  ER17-795-000
                                         ER17-795-001

[[Page 29066]]

 
Kinetica Energy Express, LLC...........  RP16-1299-000
                                         RP16-1299-001
                                         RP16-1299-002
New York Independent System Operator,    ER17-386-001
 Inc.                                    ER17-386-002
------------------------------------------------------------------------

Supplemental Notice of Technical Conference

    As announced in the Notices issued May 10, 2017,\1\ and June 13, 
2017,\2\ Federal Energy Regulatory Commission (Commission) staff will 
hold a technical conference on Thursday, June 29, 2017 from 9:00 a.m. 
to 5:30 p.m. to discuss the state of liquidity and transparency in the 
physical natural gas markets. A revised agenda and list of panel 
participants for this conference are attached. The conference is free 
of charge and open to the public. Commission members may participate in 
the conference.
---------------------------------------------------------------------------

    \1\ Developments in Natural Gas Index Liquidity and 
Transparency, Docket No. AD17-12-000 (May 10, 2017) (Notice of 
Technical Conference) (https://elibrary.ferc.gov/IDMWS/common/opennat.asp?fileID=14586688).
    \2\ Developments in Natural Gas Index Liquidity and 
Transparency, Docket No. AD17-12-000 (June 13, 2017) (Supplemental 
Notice of Technical Conference) (https://elibrary.ferc.gov/IDMWS/common/opennat.asp?fileID=14613488).
---------------------------------------------------------------------------

    This Supplemental Notice contains the following changes to the 
previously-issued technical conference agenda: (1) Edward Fortunato, 
Managing Director of Analytics for Constellation Energy, Exelon 
Corporation is not participating as a panelist on Panels 1 and 2 of the 
technical conference and; (2) Gregg Bradley, Supervisor of Market 
Compliance for the Internal Market Monitor, ISO New England Inc. will 
be a panelist on Panel 2 of the technical conference. Christopher 
Hamlen, Regulatory Counsel, ISO-NE, is not participating as a panelist.
    In addition, please take note that the Commission will accept post 
technical conference comments up to 30 days after the technical 
conference. Please file any comments with the Commission by July 31, 
2017.
    If they have not already done so, those who plan to attend the 
technical conference are strongly encouraged to complete the 
registration form located at: https://www.ferc.gov/whats-new/registration/06-29-17-form.asp. The dress code for the conference will 
be business casual.
    The technical conference will be transcribed. Transcripts will be 
available from Ace Reporting Company and may be purchased online at 
www.acefederal.com, or by phone at (202) 347-3700. In addition, there 
will be a free webcast of the conference. The webcast will allow 
persons to listen, but not participate, and will be accessible at 
www.ferc.gov Calendar of Events. The Capitol Connection provides 
technical support for the webcast and offers the option of listening to 
the technical conference via phone-bridge for a fee; visit 
www.CapitolConnection.org or call (703) 993-3100 with any webcast 
questions.
    Commission conferences are accessible under section 508 of the 
Rehabilitation Act of 1973. For accessibility accommodations, please 
send an email to accessibility@ferc.gov or call toll free 1-866-208-
3372 (voice) or 202-208-1659 (TTY), or send a FAX to 202-208-2106 with 
the required accommodations.
    For more information about the technical conference, please 
contact:

Sarah McKinley (Logistics), Federal Energy Regulatory Commission, 888 
First Street NE., Washington, DC 20426, (202) 502-8368, 
Sarah.Mckinley@ferc.gov.
Eric Primosch (Technical), Federal Energy Regulatory Commission, 888 
First Street NE., Washington, DC 20426, (202) 502-6483, 
Eric.Primosch@ferc.gov.
Omar Bustami (Legal), Federal Energy Regulatory Commission, 888 First 
Street NE., Washington, DC 20426, (202) 502-6214, 
Omar.Bustami@ferc.gov.

    Dated: June 21, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[GRAPHIC] [TIFF OMITTED] TN27JN17.000

Docket No. AD17-12-000
June 29, 2017
Agenda
    The purpose of the staff-led Technical Conference on Developments 
in Natural Gas Index Liquidity and Transparency is to solicit feedback 
and develop a record regarding index robustness and to discuss what, if 
anything, the industry and/or the Commission could do to increase 
transparency and support greater robustness in natural gas price 
formation. The technical conference will examine: (1) The current state 
of natural gas index liquidity and voluntary reporting to index 
developers; (2) the use of natural gas indices over time; and (3) 
possible actions that the industry and/or the Commission could take to 
increase transparency and support greater robustness in natural gas 
price formation.

9:00 a.m.-9:15 a.m. Welcome and Opening Remarks
9:15 a.m.-9:45 a.m. Natural Gas Index Presentation (Commission Staff)

    Staff will present an overview of natural gas transactions using 
FERC Form No. 552 data. The presentation will review trends in next-day 
and next-month transactions, the number of companies that report to 
index developers, and the volume of fixed-priced transactions that 
contribute to natural gas indices. Staff will also present an overview 
of natural gas indices referenced in jurisdictional tariffs.


[[Page 29067]]


9:45 a.m.-12:00 p.m. Panel 1: Robustness and Liquidity of Natural Gas 
Indices

    Most price indices are supplied as a commercial service by 
publishers of daily, weekly, or monthly newsletters. Price indices play 
a pivotal role in natural gas market price formation, and are commonly 
referenced in physical and financial transactions. This panel will 
examine the robustness and liquidity of natural gas indices, the degree 
of industry reliance on index-based contracts rather than fixed-price 
contracts, the decline in fixed-price reporting to index developers, 
and whether natural gas indices accurately reflect market conditions.
    Panelists are encouraged to respond to the following:
    1. Describe the current trends in natural gas fixed-price and 
physical basis trading that you believe positively or negatively impact 
price formation in the natural gas market, detailing any observable 
shifts in liquidity. Are there differences in market fundamentals, 
procedures, or policies which disproportionately impact either overall 
or regional liquidity?
    2. How have the volume and quality of next-day and next-month 
fixed-price and physical basis transaction reporting changed? In 
addition, describe any changes in other information used to form 
natural gas indices. Are there market, regulatory, or other factors 
that discourage reporting? If so, are there ways to incent reporting?
    3. For indices published by index developers and referenced in FERC 
jurisdictional tariffs, the Commission requires index developers to 
comply with five standards: (1) Code of conduct and confidentiality; 
(2) completeness; (3) data verification, error correction, and 
monitoring; (4) verifiability; and (5) availability and 
accessibility.\3\ How have index developers' methodologies and 
practices changed since these standards were developed? Are the 
standards established in 2003 still relevant and sufficient to allow 
for healthy and robust natural gas price formation in today's 
environment?
---------------------------------------------------------------------------

    \3\ Policy Statement on Natural Gas and Electric Price Indices, 
104 FERC ] 61,121, at P 33 (2003).
---------------------------------------------------------------------------

    4. Is there a need for additional transparency regarding natural 
gas index price assessments and the level of liquidity underlying each 
natural gas index published by index developers? Should common minimum 
liquidity thresholds be defined? If so, who should define them, and 
what should be the mechanism for accomplishing this? For example, 
should index developers provide information about which indices are 
illiquid? What kind of coordination would be necessary, and what kind 
of information would be shared, and with whom, when a given natural gas 
price index is deemed illiquid?
Panelists
 Mark Callahan, Editorial Director of Platts North America, S&P 
Global
 J.C. Kneale, Vice President of North American Natural Gas, 
Power & NGL Markets, InterContinental Exchange
 Euan Craik, Chief Executive Officer, Argus Media
 Tom Haywood, Editor of Natural Gas Week, Energy Intelligence
 Dexter Steis, Executive Publisher, Natural Gas Intelligence
 Vince Kaminski, Professor in Practice of Energy, Rice 
University
 Orlando Alvarez, President and CEO, BP Energy Company

12:00 p.m.-1:00 p.m. Break
1:00 p.m.-3:30 p.m. Panel 2: Role of Natural Gas Indices in Price 
Formation

    Natural gas indices are used by industry for a variety of purposes, 
such as settling bilateral contracts of varying terms, basis swap 
futures, index swap futures, swing swap futures, and calendar and basis 
spreads. Natural gas indices also are used in FERC jurisdictional 
interstate natural gas pipeline and wholesale electric transmission 
tariffs for various purposes. For example, indices are used in many 
interstate natural gas pipeline tariffs to settle imbalances or 
determine penalties. In addition, State Commissions use indices as 
benchmarks in reviewing the prudence of natural gas purchases by local 
distribution companies. Finally, some Regional Transmission 
Organizations and Independent System Operators (RTOs/ISOs) rely on 
natural gas indices to develop reference levels for market power 
mitigation. Given the prevalence of indices in the natural gas and 
electric industries, indices must be robust and have the confidence of 
market participants for such markets to function properly and 
efficiently.
    Panelists are encouraged to respond to the following:
    1. Describe current industry uses of physical natural gas price 
indices. Are natural gas price indices sufficiently reflecting the 
locational value of natural gas to permit decision-making by those with 
an interest in the value of natural gas such as: End users, producers, 
marketers, and other buyers and sellers?
    2. Are there improvements that should be made to increase the 
likelihood that natural gas indices will reflect the market value at 
particular locations? For example, could index publishers provide 
increased transparency when there are insufficient transactions to 
formulate an index price? What additional information could signal that 
market activity is sufficiently robust to create accurate prices?
    3. For RTOs/ISOs that rely on natural gas indices to develop 
reference levels for market power mitigation, do you have concerns 
about the robustness or liquidity of the natural gas indices used in 
your tariffs? If so, please explain why.
    4. Recognizing that the use of natural gas indices in FERC 
jurisdictional tariffs is different from their use in commercial 
transactions, the Commission established liquidity thresholds for 
indices referenced in jurisdictional tariffs.\4\ Do these thresholds 
accurately capture minimum liquidity thresholds over an appropriate 
time period? Should the liquidity of indices referenced in FERC 
jurisdictional tariffs be reassessed periodically, and if so, who 
should assess it, and what should be the mechanism for accomplishing 
this? What kind of coordination would be necessary, and what kind of 
information should be shared and with whom, should a given index be 
deemed illiquid?
---------------------------------------------------------------------------

    \4\ Price Discovery in Natural Gas and Electric Markets, 109 
FERC ] 61,184 at P60 (2004).
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Panelists:
 Paul Greenwood, Vice President of the Americas, Africa, and 
Asia Pacific New Markets for ExxonMobil, Natural Gas Supply Association 
Representative
 Pallas LeeVanSchaik, External Market Monitor, Potomac 
Economics
 Guillermo Bautista Alderete, Director of Market Analysis and 
Forecasting, California ISO
 Gregg Bradley, Supervisor of Market Compliance for the 
Internal Market Monitor, ISO New England Inc.
 George Wayne, Director of Account Services for the Western 
Pipelines, Kinder Morgan
 Corey Grindal, Senior Vice President of Gas Supply, Cheniere 
Energy
 David Louw, Division Director of Risk Management and 
Compliance, Macquarie Energy
 Donnie Sharp, Senior Natural Gas Supply Coordinator for 
Huntsville Utilities, American Public Gas Association Representative
 Lee Bennett, Manager, Pricing and Business Analysis for 
Transcanada, Interstate Natural Gas Association of America 
Representative
 Susan Bergles, Assistant General Counsel, American Gas 
Association


[[Page 29068]]


3:30 p.m.-3:45 p.m. Break
3:45 p.m.-5:25 p.m. Panel 3: Options To Increase Transparency and 
Liquidity of Natural Gas Indices

    Should action be taken to foster more meaningful, reliable, and 
transparent price information in natural gas markets? What changes may 
be necessary to incent voluntary price reporting and improve the 
accuracy, reliability, and transparency of natural gas price indices? 
Discuss the degree to which the level of voluntary reporting and other 
developments within the commercial service model of natural gas index 
development impact the robustness of natural gas indices.
    Panelists are encouraged to respond to the following:
    1. Is there a need to develop industry wide liquidity thresholds? 
While the Commission maintains certain liquidity thresholds for indices 
referenced in jurisdictional tariffs, should standards be developed 
that would apply to other uses of natural gas indices? If so, how can 
such standards be developed and by whom? Can this be addressed through 
voluntary consensus or through other regulatory processes? Are there 
legal, commercial, or technical impediments to doing so?
    2. Should the Commission take steps to provide greater natural gas 
price transparency and market information, promote index developer 
competition, and enhance confidence in natural gas price formation 
through increased transparency and accessibility of natural gas index 
information? For example, should the Commission consider exercising its 
authority under section 23(a)(1) through (3) of the Natural Gas Act to 
require market participants to report price forming transactions to 
index developers?
    3. Is index data sufficiently available and transparent? Does the 
commercial service model negatively or positively impact price 
formation? What actions, policies, or trends have impacted price 
discovery? Is there additional information market participants need to 
ensure robust natural gas price formation? Who should provide that 
information? How would that information be shared?
Panelists:
 Greg Leonard, Vice President, Cornerstone Research
 Orlando Alvarez, President and CEO, BP Energy Company
 Mark Callahan, Editorial Director for Platts North America, 
S&P Global
 J.C. Kneale, Vice President of North American Natural Gas, 
Power & NGL Markets, InterContinental Exchange
 Vince Kaminski, Professor in Practice of Energy, Rice 
University
 Curtis Moffatt, Deputy General Counsel and Vice President, 
Kinder Morgan
 Joe Bowring, President, Monitoring Analytics
 Corey Grindal, Senior Vice President of Gas Supply, Cheniere 
Energy
 Tom Haywood, Editor of Natural Gas Week, Energy Intelligence
 Drew Fossum, Senior Vice President and General Counsel, 
Tenaska Inc.
 Joan Dreskin, Vice President and General Counsel, Interstate 
Natural Gas Association of America

5:25 p.m.-5:30 p.m. Closing Remarks

[FR Doc. 2017-13391 Filed 6-26-17; 8:45 am]
 BILLING CODE 6717-01-P