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New York PSC Secretary Says Further Blanket Extension Of Broker Regulation Deadlines Would "Harm" Some 150 Entities Filing Complete Registrations By Deadline
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Granting a further blanket extension of various deadlines under the New York PSC's retail energy broker regulation order would "harm" the approximately 150 entities which have undertaken efforts to comply with the deadlines, the Secretary of the New York PSC said in denying a further blanket extension of the broker regulation deadlines
Most deadlines, including the deadline for broker registration, under the broker order were previously set as July 31, 2024.
The New York Retail Choice Coalition sought a new extension of the deadline now that, as reported on July 29, NYRCC has formally filed an appeal of the broker regulation order
However, the PSC's Secretary said on July 30 that, "further across-the-board extension of the deadline to register and comply with PSL §66-t would harm entities that have worked diligently to comply with the requirements and have achieved a registration status," as the Secretary denied the extension request
The Secretary reported that, as of mid-day July 30, the Department of Public Service has already approved 20 broker/consultant registrations and has received approximately 150 applications for registration which have accompanying letters of credit (issues in obtaining an LOC have been cited by several registering entities in seeking an extension with respect to the filing of an LOC)
"The 20 entities that have achieved final registration status have, among other things, secured letters of credit from financial institutions. Letters from the Department have been placed in the mail to them, and they are ready to participate in the New York marketplace consistent with PSL §66-t and the program developed thereunder," the Secretary said
As noted above, the Secretary said that any further "across-the-board extension" would not be appropriate
However, it is unclear if such language suggests that applicant-specific extensions, or similar treatment (e.g. enforcement discretion) may be possible under certain circumstances. As of publication time, about a dozen brokers have filed individual requests for the PSC to extend the time to provide a letter of credit, with such entities representing that they have otherwise filed all the necessary information for registration. Such entities have recounted their efforts to obtain an LOC, but have cited the uncontrollable timeframe for their bank to produce the letter, including questions and requested clarifications from the banks regarding LOC language, communications with DPS Staff on language review, etc
Case 23-M-0106
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July 30, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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