A draft order released Thursday by FERC would amend Commission regulations to extend to five years from three the records retention requirement applicable to all transactions that fall under FERC’s market-based rate authorizations for power and natural gas. The decision completes the Commission’s recent modifications to its energy market behavior rules.

The draft order amends the Commission part 35 and part 284 regulations and affects transactions under market-based rate authorizations held by certain sellers of electricity and related products, blanket certificates for unbundled natural gas sales services held by interstate gas pipelines, and blanket marketing certificates held by companies making sales for resale of gas at negotiated rates in interstate commerce, the Commission said.

The draft order ensures consistency with Federal Energy Regulatory Commission (FERC) Order 670, which prohibited market manipulation, and with the generally applicable five-year statute of limitations on seeking civil penalties for violations of new anti-manipulation rules or other regulations in which price data may be relevant.

No party opposed the extension of the record retention requirement. However, two commenters sought minor clarifications.

The extension completes the process of revamping FERC’s electric and gas market behavior rules in light of the 2005 Energy Policy Act’s prohibition against market manipulation and the Commission’s antimanipulation rule in Order 670.

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