The goal of Course 102 is to provide an overview of electric regulation at the federal and state levels. The course begins with a brief overview of how electricity is generated, transmitted, and delivered to customers, and covers key legal milestones in electric regulation since commercial electric service began in the 1870s.

The course explains how state and federal jurisdiction over different segments of the industry emerged under the Federal Power Act of 1935 and later legislation, including the Public Utility Regulatory Policies Act of 1978 and the Energy Policy Acts of 1992 and 2005. We will review key regulatory concepts underlying all forms of regulation, from traditional cost-of-service regulation to the parameters for setting market-based rates.

The course will also cover alternative regulatory regimes, development of competitive wholesale and retail electric markets, enforcement of the prohibition against market manipulation, the role of Regional Transmission Organizations, and the reliability regime administered by the North American Electric Reliability Corporation.

**Full agenda, registration, and speakers coming soon!**

Wednesday, June 25

12:15 – 12:30: Welcome and Opening Remarks

12:30 – 1:15: Introduction to Electric Utility Industry and Legal and Economic Overview

This session will provide an overview of the electric utility industry. Our faculty will also address the extent and limits of state and federal jurisdiction under state law and the Federal Power Act (FPA). Our faculty will cover:

• The Basics of the Electric Utility Industry
• State Regulation and Limitations (“Attleboro Gap”)
• Federal Regulation under the FPA
• FERC Enforcement Authority

1:15 – 2:00: Key Regulatory Constructs

In this session, our faculty will explore key regulatory constructs used in electric rate regulatory matters, including:

• Just and Reasonable Rates
• Prudent Investment
• Used and Useful Investment
• Known and Measurable Costs
• Cost Causation and Subsidization

2:00 – 2:15: Break

2:15 – 2:30: The Role of Non-Jurisdictional Entities in the Regulatory Scheme

In this session, our faculty will explore the role of non-jurisdictional entities, such as municipal utilities and electric cooperatives, in the state and federal regulatory scheme.

2:30 – 4:30: Traditional Cost-of-Service Regulation

In this session, our faculty will do a deep-dive into the world of traditional cost-of-service regulation in the electric utility industry. In particular, our faculty will explore the five-step process to determine regulated rates:

• Revenue requirement
• Cost functionalization
• Cost classification and the FERC Uniform System of Accounts
• Cost allocation
• Rate and tariff design

4:30 – 5:00: Keynote Remarks

Thursday, June 26

8:00 – 8:15: Opening Remarks and Recap

8:15 – 9:00: Alternative Regulatory Structures

In this session, our faculty will discuss alternatives to traditional cost-of-service regulation, such as market-based rates. Topics to be discussed include:

• Legal and economic basis for market-based rates
• Market analysis
• Scope of traditional regulation
• Mixed regulation – when some components are competitive and others are not

9:00 – 9:45: FERC Oversight of Market Manipulation

In this session, our faculty will provide an introduction to FERC’s oversight of the wholesale power markets using its enforcement authority over market manipulation.

9:45 – 10:45: Diverse Market Structures

In this session, our faculty will provide an overview of the various market structures across the nation and the regulatory implications of having diverse market structures. Topics will include:

• Evolution of competitive generation – from PURPA to RTOs
• RTOs – purpose, authority, and regulation
• Non-RTO regions

10:45 – 11:00: Break

11:00 – 12:00: Overview of Relevant Electric Markets and Products

In this session, our faculty will explore the various markets and products in electricity, including:

• Energy (day-ahead, real-time)
• Capacity (in some RTOs)
• Ancillary Services

12:00 – 1:00: Reliability Regulation

In this session, our faculty will provide an overview of the regulation of reliability under Section 215 of the Federal Power Act, including:

• FPA Section 215 – responsibilities of the Electric Reliability Organization (NERC) and FERC
• Standards development process
• Enforcement and settlement practice

1:00: Closing Remarks