|
Search |
PUCT Approves Settlement to Allow dPi Energy to Retain Certificate Through Sale
September 2, 2011
Email This Story
The PUCT approved with additional modifications a revised settlement among Staff, dPi Energy, and other parties which will allow dPi to retain its REP certificate under a sale of the company that removes Zahed "Ed" Lateef from ownership and control (37917).
See 8/3 for background on case
Staff had originally been seeking revocation on the grounds of a lack of managerial and technical competency, due to dPi Energy's 50% ownership by Zahed "Ed" Lateef, who was a principal of Riverway Power when it experienced an involuntary mass transition. The stipulated sale process is to remove Lateef as owner to resolve the revocation petition.
Under the adopted settlement, the sale process must be completed by October 1, absent Commission approval for an extension, or dPi will be subject to entry of a consent order under which its certificate will be revoked.
Such consent order will also be triggered if the PUCT does not approve dPi's new owner when such purchaser files to amend the REP certificate.
The final revisions from Commissioner Kenneth Anderson were largely "belts and suspenders" measures to reflect commitments made in the stipulation in the Commission's ordering paragraphs.
For example, an ordering paragraph was added stating, "Upon the effective date of the divestiture of dPi Energy by Amvensys, Amvensys and Zahed 'Ed' Lateef shall terminate all contracts with dPi within 30 days. Zahed 'Ed' Lateef, Amvensys, and any entities in which either of them have a direct or indirect controlling ownership interest are not permitted to conduct any business with the REP dPi Energy or its successors, except with prior approval in a Commission order."
Email This Story
Be Seen By Energy Professionals in Retail and Wholesale Marketing
Run Ads with Energy Choice Matters
Call Paul Ring
954-
|
Search |
