The Federal Energy Regulatory Commission (FERC) proposed revisions to its Policy Statement on Natural Gas and Electric Price Indices (Policy Statement) on December 17 to encourage market participants to report transactions to price index developers and to provide greater transparency into the natural gas price formation process. It also issued a Notice of Proposed Rulemaking (NOPR) proposing to amend three sections of its regulations to codify the Safe Harbor Policy set forth in its Policy Statement. PROPOSED REVISIONS TO THE POLICY STATEMENT Noting the significant decline in price reporting over the last decade, FERC proposed several revisions to the Policy Statement to reduce the reporting burden and encourage more parties to report prices to natural gas price index developers. FERC stated that an increase in reporting would contribute to the robustness of the price indices and lead to more accurate and reliable index prices referenced in jurisdictional tariffs. FERC proposed revisions that are intended to reflect changes in how natural gas price index developers form natural gas price indices and to increase the transparency of the natural gas price formation process. These revisions include: