The Federal Energy Regulatory Commission (FERC) has signed a memorandum of understanding (MOU) to cooperate and share information with a counterpart agency in the European Union.
The MOU with the European Union Agency for the Cooperation of Energy Regulators (ACER) was posted on the FERC website on June 3. The document was actually signed in January.
The international agreement cites the growing globalization of the world’s wholesale energy markets and the increase in cross-border operations and activities of market participants.
“ACER and FERC express, through this MoU, their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates, particularly in the areas of: fostering market integrity and transparency of wholesale energy markets for the benefit of consumers of energy; monitoring trading activity in wholesale energy products to detect and prevent trading based on market abuse; maintain confidence in wholesale energy markets,” according to the document.
The respective authorities anticipate that cooperation would be “primarily achieved through on going, informal, oral consultations, supplemented by more in-depth, ad hoc cooperation,” according to the MOU. “The provisions of this MoU are intended to support such informal and oral communication as well as to facilitate the written exchange of non-public information where necessary,” the document goes on to add.