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Staff, dPi Energy File Revised Settlement Agreement
August 23, 2011
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PUCT Staff, dPi Energy, and other parties have filed a revised settlement agreement which would allow dPi to retain its REP certificate under a sale of the company that removes Zahed "Ed" Lateef from ownership and control (37917).
The revised settlement includes various changes sought by PUCT Commissioners (see 8/3).
Among other things, the settlement now highlights the violations that are admitted by dPi Energy and Lateef and states that the mandatory sale of dPi Energy is a consequence of dPi Energy's violations of PURA. Such violations include Lateef's ownership of dPi despite his involvement as a principal in a REP that previously experienced an involuntary mass transition.
The new agreement makes explicit that Amvensys Holdings, LLC (which is owned by Lateef) shall terminate all contracts with dPi Energy within 30 days of the sale of dPi Energy, and that Lateef and Amvensys, and any entities in which they have a controlling interest, are prohibited from contracting with dPi Energy without prior approval from the Commission.
Additionally, the stipulation now specifies that the revocation docket will remain pending until either 1) the sale of dPi Energy is approved by the Commission, 2) an agreed Consent Order revoking dPi Energy's REP certificate is entered (if a sale is not approved), 3) the Commission issues an Order revoking dPi Energy's REP certificate; or 4) the Commission resolves the docket in another manner.
Time horizons have also now been placed on prior commitments for compliance reporting and staffing. dPi Energy will employ a regulatory compliance specialist for a period of three years after the sale is final, and the settlement requires dPi Energy to file compliance reports with the Commission for a period of three years after the sale is final.
As agreed to at a prior open meeting, the settlement reflects a deadline of October 1, 2011 for a sale of dPi Energy, and the settlement requires dPi Energy to obtain an order from the Commission for any extension of this deadline.
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