Must Love Dogs? Several Texas Retail Energy Vets Launching New Retail Supplier, With Canine Flair -- EnergyChoiceMatters.com

Must Love Dogs? Several Texas Retail Energy Vets Launching New Retail Supplier, With Canine Flair

January 7, 2022

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Several Texas retail energy veterans, who recently held senior positions at Entrust Energy, are launching a new Texas retail electric provider named Good Charlie & Co., LLC

Good Charlie applied for an Option 1 Texas REP certificate and applied for the option of collecting deposits or advance payments from customers

A webpage at Good Charlie's web domain states, "Something big is coming, that is going to change the lives of thousands of dogs all over Texas and we want you to be part of it!"

Good Charlie's webpage further states, "We’re GoodCharlie, and we’re on a mission to improve the lives of dogs across the state of Texas. Here’s to your dog, your neighbor’s dog, and the dogs you don’t even know yet. Here’s to all the change we’re going to make together. Good change. That’s GoodCharlie."

Good Charlie's webpage also indicates that it has a partnership with Houston Pets Alive, which describes itself as follows: "We’re not your average rescue. We act as a safety net for our municipal shelters, to save the animals who have no other options."

Ken Weilbacher serves as CEO of Good Charlie. Weilbacher previously served as Vice President, Pricing and Strategy at Entrust. Weilbacher previously held various roles at Direct Energy, including Director, US Northeast Strategy and Director, Sales & Marketing Planning & Analytics

Daryl Lawrence serves as Chief Marketing Officer at Good Charlie. Lawrence previously served as VP of Sales, Marketing & Customer Experience at Entrust. Lawrence previously held various roles at Direct Energy, including Director of Channel Sales and Director Partnership Sales

Michele Supple serves as Vice President, Supply & Risk at Good Charlie. Supple previously served as Vice President, Supply and Risk Management at Entrust. Previously, Supple served as Vice President, Supply and Pricing at Champion Energy

Gary Helders serves as Vice President, Finance at Good Charlie. Helders most recently served as Head of Finance at Rhythm Energy. Previously, Helders served as Vice President of Finance & Accounting at Entrust.

Concerning the Entrust mass transition after the February 2021 winter weather event, Good Charlie in its REP application stated as follows:

"In February 2021, Winter Storm Uri impacted all aspects of the Texas energy business-from generation, to transmission, to distribution, to load. Wholesale electricity prices in Texas reached the system-wide offer cap of $9,000/MWh. Entrust maintained a robust risk management system, and sophisticated commercial arrangements with an energy supplier, but, like many REPs, nonetheless experienced exposures and stress during the event well outside the bounds of any prudent risk management program. As a result, Entrust absorbed significant losses and sought to secure a buyer for its book of customers-all with a view to preventing a mass transition event and to preserve any value remaining in its assets.
"Messrs. Weilbacher, Lawrence, Helders, and Ms. Supple each diligently worked over a period of weeks to prevent the mass transition of Entrust's customers. Their efforts in large part achieved the same -- and more than 75% of Entrust's customers avoided a mass transition to POLR. Along with the majority of Entrust's employees, Messrs. Helders' and Lawrence's, and Ms. Supple's, employment with Entrust ended before the mass transition event. Mr. Weilbacher remained in his positions post-mass transition for the purpose of orderly winding down Entrust's affairs and ensuring a smooth transition of customers. Part of Mr. Weilbacher's role included coordination and consultation with the PUCT to manage the de-certification of Entrust and other related regulatory matters.
"The Entrust mass transition event resulted not from negligence or incompetence -- in fact the Entrust risk management program was robust enough to preserve Entrust's bargaining power and negotiating position with its commercial partners to enable Entrust to orderly transition more than 75% of its customers to a third party before a mass transition event impacted those customers. Moreover, no outstanding obligations to customers remained after the mass transition.
"Applicant's Principals identified in this Attachment D-4 [i.e. those listed above] were not shareholders of Entrust. They were not founders of Entrust. They were employees performing their level best in a market scenario that rendered insolvent all manner of market participants. Applicant's Principals are seasoned energy professionals with a history of providing best-in-class service to Texas retail electricity customers and of regulatory cooperation and compliance.
"The Applicant respectfully requests that the PUCT consider these factors, and the circumstances of Winter Storm Uri that created similar issues across a vast swath of the Texas energy market, when considering this application and the qualifications of Applicant's Principals."

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