Short answers, pulled from the story.
FERC was created by the U.S. Congress in 1977, in the aftermath of the 1973 oil crisis. It replaced the Federal Power Commission, which had existed since 1920, as part of the Department of Energy Organization Act of 1977.
FERC regulates the interstate transmission and wholesale sale of electricity and natural gas, and the prices charged by oil pipelines for interstate transportation. It also licenses roughly 1,600 hydroelectric projects and reviews proposals for natural gas storage facilities and liquefied natural gas terminals.
FERC has up to five commissioners, each nominated by the president and confirmed by the Senate to staggered five-year terms. No more than three commissioners may belong to the same political party at any given time.
FERC investigated the alleged manipulation of California's electricity market by Enron and other energy companies. Through settlements, FERC collected more than $6.3 billion from California electric market participants.
Order No. 888, issued in 1996, required transmission operators to open market access to all power generators and spurred the creation of regional transmission organizations across the United States. A companion order, Order No. 889, required generators to connect to transmission markets through electronic data portals called Open Access Same-Time Information Systems.
Congress sets FERC's budget through annual appropriations, but FERC is authorized to raise revenue by charging the natural gas, oil, and electric industries it regulates. Those charges reimburse the United States Treasury for its appropriations to the commission.