What recordkeeping rules does FERC impose on energy and utility companies, and which operational records must they retain?

The Federal Energy Regulatory Commission (FERC) is an independent U.S. agency that regulates the interstate transmission and wholesale sale of electricity, natural gas, and oil, as well as hydropower licensing. Companies under FERC jurisdiction are subject to detailed recordkeeping and record-retention obligations set out in the agency’s regulations, which are designed to ensure that rates are just and reasonable, markets are transparent, and the Commission can audit and investigate when needed.

What FERC Requires

FERC’s recordkeeping rules generally direct regulated entities to:

• Maintain accurate, complete books and records that support the rates, charges, and financial statements they file with the Commission.
• Follow prescribed accounting systems — FERC publishes Uniform Systems of Accounts that standardize how public utilities, natural gas companies, and oil pipelines classify and record financial transactions.
• Preserve records for set retention periods. FERC’s regulations include retention schedules specifying how long different categories of records must be kept; periods vary by record type, and some categories must be retained permanently or until the Commission authorizes disposal.
• Produce records on request for audits, rate proceedings, market-oversight reviews, and enforcement actions.

Because exact retention periods and account definitions are detailed and updated over time, organizations should consult FERC’s current regulations rather than rely on general summaries.

Operational Records Commonly Covered

Regulated energy and utility companies typically must retain records spanning their operations, including:

• Financial and accounting books supporting filed rates and reports
• Corporate and governance records
• Operating and maintenance records for regulated facilities
• Transmission, generation, and transaction data
• Contracts, tariffs, and rate-supporting documentation
• Market and trading records relevant to oversight of wholesale markets

Building a Compliant Program

FERC requirements are one layer of a broader compliance picture; energy firms also face state utility-commission, environmental, tax, and reliability obligations. A defensible approach maps each regulatory source to a unified retention schedule, applies consistent records controls, and documents disposition decisions. Aligning practices with recognized standards such as ISO 15489 helps utilities manage these overlapping mandates as part of a coherent information governance program rather than as isolated rules.