The Federal Energy Regulatory Commission’s Fiscal Year 2025 Financial Statements
November 19, 2025
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November 14, 2025
The Federal Energy Regulatory Commission’s Fiscal Year 2025 Financial Statements
This audit was performed by the independent public accounting firm of KPMG LLP (KPMG) on behalf of the Department of Energy Office of Inspector General. KPMG audited the balance sheet of the Department’s Federal Energy Regulatory Commission, as of September 30, 2025, and the related statement of net cost, changes in net position, custodial activity, and statement of budgetary resources for the year then ended.
The audit’s objective was to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that included an opinion.
KPMG performed the audit in accordance with generally accepted government auditing standards.
KPMG concluded that the financial statements present fairly, in all material respects, the financial position of the Federal Energy Regulatory Commission as of September 30, 2025, and its net cost, changes in net position, custodial activity, and budgetary resources for the year then ended, in accordance with U.S. generally accepted accounting principles. KPMG also considered the Federal Energy Regulatory Commission’s internal control over financial reporting as part of their review and did not identify any deficiency in internal control over financial reporting that is considered a material weakness. KPMG tested for compliance with certain provisions of laws, regulations, contracts, and grant agreements that could have a direct material effect on the financial statements. The results of the auditors’ review disclosed no instances of noncompliance or other matters required to be reported under Government Auditing Standards, applicable Office of Management and Budget guidance, or the Federal Financial Management Improvement Act of 1996.
There were no formal recommendations for this particular review. As such, there was no formal response required.