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Wholesale Provider Says It Is No Longer Providing Supply Services To Texas REP; REP Issues Statement
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Mitsui & Co. Energy Marketing and Services (USA), Inc (MEMS) said in a filing at the Texas PUC, which was publicly accessible as of publication time, that MEMS is no longer serving as the wholesale supplier for True Commodities, LLC and is no longer serving as True's
guarantor for purposes of True meeting the access to capital requirement pursuant to PUCT Substantive
Rule 25.107(f)(4)(G)(iv).
The True Power Stakeholders issued the following statement concerning the matter:
"True Power will continue to serve its Texas customers as it enters into new partnerships that allows True Power to grow in the ERCOT market."
--- Statement from True Power Stakeholders
Mitsui stated in its filing with the Texas PUC as follows:
"Mitsui & Co. Energy Marketing and Services (USA), Inc ('MEMS') and True Commodities, LLC ('True') are parties to that certain Energy Supply Agreement dated as of September 15, 2021 (as amended,
amended and restated, supplemented, or otherwise modified from time to time, the 'Supply Agreement')
pursuant to which MEMS agreed to provide energy, hedge and credit products and services to True.
"MEMS no longer provides wholesale power supply to True and has ceased to act as True's
guarantor in order for True to meet the access to capital requirement pursuant to PUCT Substantive Rule
25.107(f)(4)(G)(iv).
"Accordingly, MEMS is notifying the PUCT of this material change in information pursuant to
PUCT Substantive Rule 25.105(d) and requests that the PUCT remove MEMS from its records as True's guarantor for purposes of True meeting the access to capital requirement pursuant to PUCT Substantive
Rule 25.107(f)(4)(G)(iv)."
As previously reported, True sold a book of customers to NRG last year, and recently filed a REP certificate amendment to reflect a change in CEO and to update technical and managerial qualifications
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January 25, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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