|
|
|
|
|
New Retail Supplier Rules Take Effect, Including Up To $2 Million Security Requirement
The following story is brought free of charge to readers by VertexOne, the exclusive EDI provider of EnergyChoiceMatters.com
New rules for retail electric supplier licensing in Connecticut have become effective
Connecticut's Legislative Regulation Review Committee (LRRC) approved the new rules on July 23, 2024. The rules took effect on July 24, 2024 upon their posting with the Secretary of State
The new licensing rules include higher security amounts that retail suppliers must maintain for the purpose of licensure
Under the now-effective rules, a retail supplier shall maintain an amount of security based on its forecast year load in compliance with the following schedule:
(i) Up to 100,000 MWh: $250,000;
(ii) 100,001 MWh to 499,999 MWh: $500,000;
(iii) 500,000 MWh to 999,999 MWh: $1 million; and
(iv) 1,000,000 to 1,500,000 MWh: $2 million
The effective rules further allow PURA, in its discretion, to increase a supplier's required security above $2 million for loads in excess of 1,500,000 MWh, with the additional security to be in increments of $1 million per each additional 500,000 MWh of annual load
The required security described above relates only to licensing, and suppliers are also required to post security related to other matters, such as the RPS
In contrast, the old rule only required security of $250,000 or 5% of a supplier's estimated gross receipts for its first full year of operation, not to exceed $250,000
Under the new rules, PURA will conduct biennial license reviews for all retail suppliers, starting April 15, 2025. Previously, such periodic reviews were conducted every 5 years
License applications, including applications under the biennial review, will cost $2,500, up from the current fees of $250 for periodic reviews, and $1,000 for initial applications
The new regulations require that a retail supplier shall include on its website, among other requirements, all PURA docket numbers and titles for, "all Authority investigation dockets that have been concluded".
Suppliers must also include on their website a phone number at which "a live company
representative (i.e., not an answering service)" shall be available "during normal business hours".
PURA Docket 19-10-41
Connecticut eRegulations Tracking Number: PR2020-007
LRRC Docket #2024-008
ADVERTISEMENT ADVERTISEMENT Copyright 2024 EnergyChoiceMatters.com. Unauthorized copying, retransmission, or republication
prohibited. You are not permitted to copy any work or text of EnergyChoiceMatters.com without the separate and express written consent of EnergyChoiceMatters.com
August 6, 2024
Email This Story
Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
NEW Jobs on RetailEnergyJobs.com:
• NEW! -- Director, Load Forecasting
-- Retail Supplier
• NEW! -- Wholesale Markets Analyst -- Retail Supplier
• NEW! -- Origination Analyst
-- Retail Supplier
• NEW! -- Settlements Analyst
-- Retail Supplier
• NEW! -- Billing Supervisor
|
|
|
|
|