ISO-NE successfully completes FERC audit of competitive transmission planning process, financial requirements, and more

On April 18, 2018, ISO New England received a successful audit report from the Federal Energy Regulatory Commission (FERC) Division of Audits and Accounting (DAA). The audit evaluated the ISO’s compliance during the period of July 10, 2013, through June 30, 2017, with the ISO Open Access Transmission Tariff; FERC Order No. 1000, which established new electric transmission planning and cost allocation requirements; and FERC’s accounting, reporting, and record-retention requirements. The DAA found no incidents of noncompliance.

The intensive audit included, among other things:

• Two site visits and teleconferences
• Data requests and reviews of ISO filings, reports, and stakeholder communications
• Interviews of ISO staff
• Evaluation of the ISO’s processes, procedures, and controls for identifying and evaluating regional system needs, developing and evaluating efficient and cost effective solutions, including the new competitive transmission project process, development of the Regional System Plan, and project cost allocations
• Evaluation of the ISO’s financial accounting systems, processes, procedures, and internal controls, as well as procedures and systems for tracking projects, billing, and employee time
• Testing of training and email communications of ISO staff to verify independence and compliance

For details, read Final Audit Report: Audit of ISO New England, Inc.’s Compliance with its Transmission, Markets and Services Tariff; and Commission Accounting, Reporting, and Record Retention Requirements (April 2018).