Electric and gas utilities of all sizes must comply with the Uniform System of Accounts from the Federal Energy Regulatory Commission (FERC) or the National Association of Utility Regulatory Commissioners (NARUC). As government reemphasizes regulatory oversight, utilities are facing increasingly stringent compliance requirements; this trend is likely to continue in the future, necessitating even greater accountability on the part of utility companies.
HPC America helps utilities to reduce the typical challenges of FERC compliance, such that filing reports and responding to data requests becomes a non-issue rather than the major chore it currently is for many.
Key Challenges of FERC Compliance
- Submitting FERC Forms 1 (electric) and 2 (gas) correctly
- Submitting FERC Form 60 for Services Companies
- Complying with operations and maintenance accounts for the Uniform System of Accounts (UsoA) per Code of Federal Regulation (CFR) Title 18
- Complying without cumbersome, error-prone processes to derive regulatory accounts
- Having enough account detail for a strong position in cost of service rate cases
- Avoiding audit issues with regulatory authorities at the FERC, state PUC offices, and local municipal governing boards
How HPC America Simplifies FERC Compliance
- Consulting services around utility accounting, cost flow streamlining, and fleet accounting based on 20+ years of utility industry experience, including many years as utility company employees in accounting and technical roles.
- Unmatched expertise in regulatory reporting on the SAP ERP: we created the original “FERC module” and have greater experience optimizing and modernizing it than any other firm.
- Tremendous real-world customer experience from dedicating ourselves to utilities.
- HPC DECIPHER add-on software that runs natively on SAP S/4HANA to deliver the most comprehensive transaction-based (“real-time”) translation, allocation, adjustment, cost flow forensics, and budgeting on S/4HANA.
- HPC Utility Financials Accelerator (UFA) add-on software for SAP ECC 6.0, certified by SAP as a NetWeaver solution, that delivers one version of the truth between GAAP and FERC, among many other features and benefits for utilities on SAP
- HPC Cost Flow Forensics (CFF) add-on software for SAP ECC 6.0 that provides total visibility into complex and/or long cost flows, to the penny.
- HPC Journal Entry Transfer Solution (JETS) add-on software for SAP ECC 6.0 that enables fast, high-integrity cost object adjustments while maintaining a full audit trail.
- HPC Real-Time FERC Solution (RTFS) for SAP ECC 6.0 that replaces the legacy, derivation-based FI-RRU (“FERC”) module with a transaction-based regulatory reporting model.
To discuss your SAP FERC reporting needs, please contact us online or call (925) 831-4765.