Tomorrow Energy Receives License In New State

April 9, 2024

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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The Maine PUC granted Tomorrow Energy Corp a competitive electricity provider license to serve customers at Central Maine Power and Versant Power

Tomorrow Energy is licensed to serve all customer classes, except that the supplier cannot market to Residential and Small Non-Residential customers until it has provided a modified level of security under the PUC's order, as described below

As summarized by the PUC, "Tomorrow has requested a modification of the financial security from $100,000 required by Chapter 305 to $10,000. Tomorrow proposes to furnish initial security in the amount of $10,000 in recognition of the facts that the Company is not currently operating in the Northeast United States and it will take time following issuance of a license for operations to reach a level of revenues warranting the initial security amount of $100,000. Tomorrow also noted that the security level would be subject to change as sales revenue increases. It proposed making a filing in September 2024 reporting its revenues and making any necessary updates to the financial security level to ensure that the financial security meets the 10% required by Chapter 305. (Application Attachment J) Tomorrow has met all the Chapter 305 filing requirements."

PUC rules provide that suppliers may request a reduction in the initial security. The PUC rules generally provide that the required security amount will change each year and must equal 10 percent of the licensee’s annual revenues from sales of generation services to residential and small non-residential customers in Maine over the prior calendar year, or $1,000,000, whichever is lesser

The PUC said that, "at this time, the Commission does not authorize the financial security to go below the initial amount of $10,000, even if applying the 10% to the annual sales level would result in this decrease without specific Commission authorization. In addition, until Tomorrow provides its financial security with the Commission, it cannot market to residential and small non-residential customers."

The PUC's ordering paragraphs state, "Tomorrow Energy Corp cannot market to Residential and Small Non-Residential customers until it has provided the financial security required by Chapter 305, as modified herein[.]"

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