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Clearview Electric, PUCT Staff Propose Deadline for Compliance with Financial Security Requirements

September  14, 2011
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Clearview Electric said that it and the PUCT Staff have agreed to a specific deadline under which Clearview would have to come into compliance with the financial security requirements for REP certification, or its certificate would be revoked.

As only reported by Matters (8/3), a proposed order would suspend, but not revoke, Clearview Electric's REP certificate for failure to meet the financial requirements. The suspension would allow Clearview to continue serving its small ERCOT customer base of less than 30 customers by posting a $30,000 letter of credit, but would prevent Clearview from enrolling new customers during the suspension.

Commissioner Kenneth Anderson was prepared to accept the suspension in lieu of revocation contingent upon several conditions, the chief of which was a specific deadline in any suspension order that would require revocation of the Clearview certificate if compliance was not attained by that deadline (see 9/1).

Anderson deferred to Clearview and Staff to propose such a deadline.

Clearview said yesterday that it and Staff have agreed to a deadline of June 30, 2013 for Clearview to come into full compliance with Subst. R. 25.107. If Clearview has not attained compliance by June 30, 2013, the certificate suspension shall cease and the certificate shall be revoked immediately.

Additionally, as sought by Anderson, Clearview agreed to an immediate revocation of its REP certificate if the Commission determines that Clearview has committed any other "significant" violation of Subst. R. 25.107 (or any intervening amendment to the rule) from September 13, 2011 through the June 30, 2013 compliance deadline.

Clearview also agreed to several conditions sought by Anderson ensuring that Clearview's posted letter of credit shall become immediately due and payable to the PUCT upon certificate revocation or a voluntary exit of the market by Clearview. Furthermore, barring a market exit, Clearview agrees that the $30,000 letter of credit shall not be withdrawn until a replacement of $500,000 is filed with the PUCT.

 

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