Retail Supplier Defaults At ISO, Customers Returned To Default Service -- EnergyChoiceMatters.com

Update, 6/22: ESCO Cures Prior NYISO Default

Earlier:

Retail Supplier Defaults At ISO, Customers Returned To Default Service

Had Been Serving Municipal Aggregation Customers

June 20, 2022

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Reporting by Paul Ring • ring@energychoicematters.com

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Update, 6/22

The New York ISO issued a notice stating that Icon Energy, LLC has cured its payment default described in NYISO's prior market notice

Earlier:

The New York Independent System Operator, Inc. recently reported the, "immediate termination of Icon Energy, LLC" from the NYISO-Administered Markets

Icon Energy also uses the trade name Source Power Company

Will May, CEO of Source Power Company, provided the following statement concerning the matter:

"A billing and crediting issue with RG&E, in which the utility’s regulatory interpretation resulted in our company not collecting over $1.2 million in solar credits, led to the NYISO payment default. Despite the financial hardship endured by our company, we are proud that participating communities have enjoyed savings of roughly $1.5 million from this partnership over the past 18 months. All consumers and developers have been made whole and we are pleased with the support we have received from municipal leadership and Joule to do what is right for the customer. We are working towards reaching a settlement with all involved parties that will keep the NYISO markets whole and ease the financial burden on our company. We look forward to continuing to serve consumers in the New York market."
--- Statement from Will May, CEO of Source Power Company

In a regulatory filing, NYISO stated, "The NYISO, by correspondence dated June 9, 2022, declared Icon in default, as defined in Section 7.5.1 of the Services Tariff and Section 2.7.5.1 of the OATT, for failure to timely make a payment due to the NYISO."

"The NYISO has contacted the providers of last resort in the areas served by Icon, and those providers will provide distribution service to Icon’s former customers," NYISO stated in such filing

Joule Assets, the administrator of municipal aggregations Monroe Community Power and Gateway Community Power, confirmed that, as a result of Icon's default, those aggregations' electricity customers were returned to Rochester Gas & Electric (RG&E) for supply. Icon was serving as the aggregations' supplier

"[T]he transition back to RG&E took place midway through most customer billing cycles. Customers may therefore receive one bill for the electricity used before the transition—the Community Power rate of $0.0492 per kWh (4.92 cents/kWh) -- and one bill for the electricity used after the transition -- the June RG&E rate of approximately $0.08 per kWh (8 cents/kWh)," Joule noted

"Prior to the transfer and since the programs launched in January 2021, participants had collectively saved in excess of $1.5 million through the CCA fixed electricity supply rate provided by Icon," Joule stated

"While this phase of the programs is ending six months earlier than expected, Joule is working with municipal leadership to offer new clean energy offerings in the near future," Joule stated

Joule asserted that, "Icon stated that the default is related to a billing and crediting issue with RG&E. Though Icon can no longer provide the low fixed-rate renewable electricity supply, Icon has stated that it intends to continue to operate their solar offering throughout the state."

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