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PECO Seeks To Modify Default Service Supplier Master Agreement
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PECO Energy Company ('PECO' or the 'Company') petitioned the Pennsylvania Public Utility Commission for approval to modify the Default Service Supplier Master Agreement ('SMA') included in PECO’s current fifth default service program ('DSP V')
Specifically, PECO proposes to add a new Appendix I to the SMA which incorporates the 2018 International Swaps and Derivatives Association, Inc. ('ISDA') U.S. Resolution Stay Protocol ('Protocol') into the SMA.
"This addition would enable market participants subject to the regulations issued by the Board of Governors of the Federal Reserve System (12 C.F.R. §§ 252.2, 252.81-88), the Federal Deposit Insurance Corporation (12 C.F.R. §§ 382.1-7) and the Office of the Comptroller of the Currency (12 C.F.R. §§ 47.1-8) ('US Stay Regulations') to participate in the Company’s default service solicitations," PECO said
"The U.S. Stay Regulations impose certain requirements on the terms of swaps, repurchase agreements and other qualified financial contracts for global systemically important banking organizations and their subsidiaries and affiliates ('GSIBs')," PECO said
"In the course of assisting the PECO DSP V Independent Evaluator (NERA Economic Consulting, or 'NERA') in responding to bidder inquiries during a recent procurement, the Company became aware that wholesale suppliers that are GSIBs have not been able to participate in PECO’s default service supply solicitations because the SMA approved by the Commission for DSP V, which is a covered agreement under the U.S. Stay Regulations, does not incorporate the 2018 ISDA U.S. Resolution Stay Protocol," PECO said
"Under the new Appendix I attached hereto as Exhibit A, both PECO and the wholesale supplier will confirm adherence to the U.S. Resolution Stay Protocol to ensure compliance with the US Stay Regulations, which will allow additional parties to compete and bid in PECO’s default service procurements," PECO said
P-2023-3045119
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December 26, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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