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New York ESCO Seeks Extension For Compliance With New Broker Rules
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Family Energy, Inc. requested from the New York PSC an extension to comply with several ordering paragraphs of the PSC's April 18, 2024 broker regulation order on rehearing
Various provisions of the broker order will become effective on June 17, 2024
Family Energy sought a 90-day extension for compliance with Ordering Paragraphs 3, 6, 7 and 9 of the order, which are summarized below:
3. The new Uniform Business Practices (UBPs) are effective June 17, 2024
6. Brokers/consultants shall comply with the new UBPs
7. Brokers/consultants shall register with the PSC by June 17, 2024
9. ESCOs shall update their customer contracts by June 17, 2024 to include the new disclosure on broker/consultant compensation
Family Energy said, "Since the Order was issued, Family Energy has been working to update its sales agreements to include the required compensation disclosure. This is not a simple matter of generically adding a few lines of text to the Customer Disclosure Statement. The disclosure must be customized to the sales method as well as the brokers and consultants sales activities."
Family Energy further cited the need to train marketing representatives on the new rules and to coordinate with brokers to ensure brokers understand their new compliance responsibilities under the rules
Family Energy further noted its pending rehearing request of the April order, as well as the PSC's directive that DPS Staff identify further modifications to the UBP, with a Staff report due on August 16
"Industry participants should not be required to expend resources to develop compliant practices with a UBP that is expected to change again in short order," Family Energy said
Cases 23-M-0106 et al.
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May 28, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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