WASHINGTON, DC — In an effort to enhance competition and reduce prices in the nation's bulk power markets, the Federal Energy Regulatory Commission (FERC) announced its intention to develop a standardized wholesale electricity market.

The goals, according to the commission, are more choice and improved services for market participants; lower prices from reduced transaction costs and wider trade opportunities; improved reliability through better grid operations and expedited infrastructure improvements; and certainty about market rules and cost recovery for greater investor confidence.

Chairman Pat Wood III stated, “As always, our purpose is simple: reliable electricity at lower prices for all Americans. The most effective way to achieve this goal is to standardize market design and transmission service around the country.”