WASHINGTON — FERC on July 25 approved all the jurisdictional ISO/RTO compliance filings with Order 895, which established rules for sharing credit information among the organized markets.

Issued in June 2023, Order 895 directed the six grid operators to create procedures for sharing credit information about wholesale market participants with each other. The order is intended to “improve their ability to accurately assess market participants’ credit exposure and risks related to their activities across organized wholesale electric markets.”

FERC said the rules will help prevent market participants from defaulting, thus forcing the ISO/RTOs to collect the costs from other market participants. Before the order, the grid operators’ own confidentiality rules would have prevented them from sharing market participants’ information.

“Market participants increasingly operate in multiple organized wholesale electric markets, whether directly or through affiliated entities, and their trading activities have become more complex and sophisticated,” FERC said in Order 895. “These developments have complicated the ability of any individual RTO/ISO credit department to develop a complete, accurate and up-to-date picture of a market participant’s overall financial condition due to real or perceived barriers to information sharing among RTOs/ISOs.”

FERC found that CAISO’s (ER24-155), ISO-NE’s (ER24-138), NYISO’s (ER24-95), PJM’s (ER24-156) and SPP’s (ER24-289) filings satisfied the order’s requirements, including that they protect the data they collect from other markets. Their proposals went uncontested and, in some dockets, without any interventions.

While the commission found that MISO’s proposal allows it to share information and to use credit information received from other ISO/RTOs, and the RTO said it would treat such information from another market as confidential, such language was absent from its tariff revisions (ER24-165). FERC directed MISO to submit a compliance filing in 60 days spelling that out in its tariff.

The accepted revisions went into effect the next day. Though they were issued at the commission’s first open meeting with new Commissioners Lindsay See and Judy Chang, they did not participate in the orders.