FERC issues Opinion 594-A, modifying the discussion in Opinion 594 but continuing to reach the same result; the FERC also denied the request for request for rehearing and/or consideration seeking status reports
Versant moves to extend the refund deadline and modify the refund procedure associated with its ROE refund obligation, proposing to reduce all retail transmission charges beginning Jan 1, 2027 (from what they otherwise would be under Schedule 21-VP) in a manner that, based on current best estimates of Versant’s retail refund liability and 2027 transmission use, will pay to retail transmission customers over calendar year 2027 the full amount of monies that would otherwise be payable as refunds to retail transmission customers (with interest). The charges would then be adjusted as of Jul 1, 2027, up or down, based on the final refund calculations issued by ISO-NE in May 2027.
The FERC found the Tariff unjust and unreasonable due to its lack of a Correction Mechanism. Accordingly, it directed ISO-NE to submit, on or before Jan 8, 2027, a compliance filing with changes proposed in ISO-NE’s Response. Agreeing with ISO-NE’s response regarding the complexities and drawbacks related to correcting Capacity Performance Payment Errors, the FERC found the Tariff “just and reasonable as it relates to the settlement of Capacity Performance Payments,” so no further action is required on this issue. Finally, the FERC declined to provide the requested guidance with respect to a possible Settlement Deadline Extension, instead encouraging ISO-NE to “submit whatever section 205 filing it believes is appropriate” for future FERC evaluation.
