Following is a more detailed outline of content contained in the Energy Regulation Fundamentals online course.

Basic Concepts of Natural Gas and Electricity Regulation

• The role of energy regulation
• What is regulation and why regulate?
• Natural monopolies
  • Characteristics
    • High initial capital investment
    • Economies of scale
    • Inefficiency of duplicative infrastructure
    • Essential services
  • Natural monopoly types (gas distribution companies, electric distribution companies, vertically integrated electric utilities, independent system operators)
• Essential facilities
  • Characteristics
  • Essential facility types (electric transmission lines, gas transmission pipelines, gas storage facilities, LNG terminals)
• Competitive market participants
  • Why they are regulated
  • Competitive market participant types (merchant generators, wholesale traders, financial services providers, retail marketers)
• Who are the regulators and who do they regulate?
  • Federal (FERC)
  • State
  • Local
• Multiple regulators for a single company
• The regulatory compact (federal and state)
• What does regulation do? (six functions)
• Who is impacted by regulation? (monopoly utilities, essential facilities, competitive companies, consumers)
• Six goals of regulators
• Safe and reliable energy
• Just and reasonable pricing
• Economic efficiency
• Consumer protection
• Public good
• Fair return on investment
• How regulation is determined and examples of important legislation
• The ten steps of the regulatory process
• The reality of regulation

Introduction to Ratemaking

• What ratemaking is and what it does
• Various objectives that ratemaking must balance
• Why ratemaking is fundamental to a utility's financial stability and customer satisfaction
• Who regulates ratemaking
• The concept of cost-of-service ratemaking
• Principles behind setting rates
• Non-financial consideration for rates
• The ratemaking process including the general rate case

Regulatory Proceedings

• The purpose of a regulatory proceeding
• Who initiates proceedings (utilities and essential facilities, regulators, market participants)
• Participants in a regulatory proceeding (commissioners, presiding officer, commission staff, regulated energy companies, intervenors)
• Types of proceedings
  • Rulemaking
  • Certificate cases
  • Rate cases
  • Applications
  • Mergers and acquisitions
  • Complaints
  • Petitions
• Steps in the regulatory process
• Settlements
• Typical components of a regulatory decision.

Regulation in Competitive Energy Markets

• What are competitive markets?
• Unbundling supply from delivery
  • Gas supply
  • Gas delivery
  • Electric supply
  • Electric delivery
• Why regulation is needed in competitive markets
• Features of a viable competitive market
  • Market liquidity
  • Lack of market power
  • Information transparency
  • Open access
  • Fair cost allocation
  • Safety and reliability oversight
  • Consumer protection
  • Provider of last resort
• Who regulates competitive markets
  • FERC and what it oversees
  • State commissions and what they oversee