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Retail Supplier To Cease Supplying Customers In Third Quarter
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Actual Energy informed the Maine PUC that, "Actual Energy will cease to serve consumers with electric supply during the 3rd quarter of 2024."
Actual Energy made the disclosure in seeking a waiver of the limit on banked RECs
Actual Energy stated, "For 2023 RPS compliance, Actual Energy purchased renewable energy certificates based on
calendar year wholesale load as reported from NEPool-GIS. The State of Maine’s RPS is
based on retail invoiced volumes grossed up for losses by service class. This year, the
difference created a large discrepancy between what we purchased and the State requirement.
Unfortunately, that discrepancy is greater than the banking allowance for 2023 RECs to be
used for 2024. Specifically, for Class I there was an excess (above banking limits) of 61 RECs
and an excess of 157 RECs for Class IA, 218 total. Note that our REC requirements for those
two categories was 779 and 857, respectively. For RPS Class II, Actual Energy had more than
enough room to accommodate the Class I and IA excess. Our Class II REC requirement was
2,338 and we purchased 2,640, banking 302. This is 477 below the Class II limit of 779."
Actual Energy stated, "Actual Energy had no economic incentive to bank 2023 RECs for 2024. This is because 2024
RECs have consistently been priced at a discount to 2023. This represents a 'storage' penalty."
Actual Energy stated, "Actual Energy will cease to serve consumers with electric supply during the 3rd quarter of 2024
and will ultimately make up any differences between wholesale load per NEPool-GIS and
invoiced retail sales. In light of that, the fact that we had no economic incentive to bank RPS
Class I’s and IA’s and the fact that we had more than enough room to accommodate the Class I
and IA excess in Class II, we respectfully request that we be allowed a one-time exception to
bank more than the standard allowance."
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July 23, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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