Which document governs the operating procedures for interchange transactions?

The document that governs the operating procedures for interchange transactions is the NERC Reliability Standards. These standards are instrumental in maintaining the reliability of the bulk electric system and establish the parameters for effective and secure operation of electrical grids, including what is necessary for the execution of interchange transactions between interconnected systems.

NERC Reliability Standards provide detailed guidelines that ensure consistent and reliable electricity supply across different regions, addressing operational practices, communications, and technical specifications necessary for managing interchange transactions. This means that any utility or entity engaging in these transactions must adhere to the standards set forth by NERC, ensuring accountabilities that contribute to overall system reliability and safety.

Other options, while relevant to different aspects of electricity regulation and operations, do not specifically govern operating procedures for interchange transactions in the same comprehensive and authoritative way as the NERC Reliability Standards do. For instance, FERC Order 888 relates more to open access to transmission networks rather than explicit operational procedures, while the NERC Code of Conduct and the NERC Policy Manual cover ethical considerations and broader organizational policies respectively, but do not provide the necessary operational guidance for interchange transactions.