What is FERC? | Evolution of an Independent Regulatory Body

In this video, we delve into the birth and evolution of FERC, the Federal Energy Regulatory Commission, and how it has helped shape our nation's energy landscape. We begin with Ronald Reagan's famous quote, "The nine most terrifying words in the English language are: I'm from the government and I'm here to help," and explore the historical context in which our nation needed the government's help, particularly in the energy sector. We take a trip down memory lane to the 1920s and 30s, where our country faced periods of crisis, hardship, and growth, and our need for electricity grew in proportion. This led to the creation of the Federal Power Commission in 1920, which eventually shed its former outer skin and be reborn as FERC. FERC's most basic mission was to regulate wholesale electricity prices and order refunds for overcharges to ratepayers. But its reach did not stop there, as it was also granted the regulation of interstate oil pipelines, administration of programs to foster new cogeneration and small power production, and safety regulations for LNG terminals and associated shipping. We also explore FERC's evolution over the decades and how the Energy Policy Act of 2005 expanded its abilities to protect our grid from physical and cyber-attacks. FERC continues to evolve as our nation's energy needs change, and most recently, enacted a rule providing incentive-based rate treatment for utilities making certain voluntary cybersecurity investments. So the next time you enjoy a cookout, take a moment to appreciate the men and women who tirelessly ensure that oil, electricity, and gas are delivered to you safely, and send an imaginary high five to FERC! Don't forget to tune in next time for an in-depth look at FERC's distant cousin, NERC. #FERC #energyregulation #electricity #oil #naturalgas #LNG #energysecurity #cybersecurity #gridsecurity #independentregulatorybody #history #evolution #governmenthelp #energylandscape #nercha Would you like to learn more about Archer Energy Solutions and what we do? Head over to our website @ www.archerint.com, give us a call @ 1-800-805-7411 or email us @ [email protected], we’d love to hear from you! #FERC #alcreators #cybersecurity #criticalinfrastructure #archerawareness #education