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Another Retail Supplier Exiting State, Citing Legislative Developments
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SmartEnergy Holdings, LLC filed to surrender its Maryland retail
electricity supplier license, effective immediately, as SmartEnergy Holdings, citing the passage of Senate Bill 1, and what it called the, "anticipated approval by the
Governor," said that SB1, "introduces regulations that fundamentally alter the viability of our firm
operating in Maryland."
SmartEnergy said, "Since entering the Maryland market in 2017, SmartEnergy has dedicated itself to
offering 100% renewable energy to tens of thousands of satisfied Maryland residents.
Our efforts have aligned with the state's renewable energy objectives, providing a 100%
renewable option for the community that chose SmartEnergy for its electricity needs."
SmartEnergy said, "Regrettably, the enactment of Senate Bill 1, pending its anticipated approval by the
Governor, introduces regulations that fundamentally alter the viability of our firm
operating in Maryland. These new rules make it unsustainable for SmartEnergy to
market renewable energy products within the state. After extensive evaluation, it has
become clear that withdrawing from the Maryland market is the most prudent decision
for our company."
SmartEnergy on February 22, 2024 had already initiated the transfer of all of its Maryland customers to default service, though at such time the company noted that it took the action before being required to do so, since the mandate for such a drop to SOS had been tolled pending the final exhaustion of appeals (while the state's supreme court has affirmed a PSC decision on the underlying SOS drop order, SmartEnergy's legal remedies are not exhausted as state law allows it to seek reconsideration of such court decision, and SmartEnergy has stated an intent to seek reconsideration)
In a February pleading, SmartEnergy had said, "in a strong measure of good faith, SmartEnergy, which has always intended to comply with the Commission’s rules, nevertheless has already processed drops for all of its customers to return to utility standard offer service."
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April 8, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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