By Stacey Morris
While a regulatory body may seem like a dry topic, midstream investors should have a basic understanding of the Federal Energy Regulatory Commission (FERC), as its oversight powers and policies can have implications for midstream assets. FERC is tasked with regulating interstate pipelines, including rates, and overseeing the siting and construction of liquefied natural gas ((LNG)) export facilities. FERC is an independent agency which has up to five commissioners appointed by the President to serve five-year terms. (Currently, two commissioner seats are open, with James Danly recently nominated to fill one commissioner