|
|
|
|
|
Active Texas Retail Provider Enters Settlement With PUC Staff To Address Alleged Failure To Maintain Minimum Financial Requirements
The following story is brought free of charge to readers by VertexOne, the exclusive EDI provider of EnergyChoiceMatters.com
Good Charlie & Co., LLC would pay a penalty of $13,000 under a settlement with Staff of the Texas PUC to resolve allegations that Good Charlie failed to maintain the required amount of minimum shareholders' equity
16 TAC § 25.107(f)(1)(B) provides that a new REP must maintain a minimum of $1 million dollars in shareholders' equity during the first 24 months of serving customers.
GoodCharlie was granted a REP certificate on March 22, 2022. According to the settlement, GoodCharlie was required to maintain a minimum of $1 million dollars in shareholders' equity until at least March 22, 2024.
As stated in the settlement, GoodCharlie failed to maintain at least $1 million dollars in shareholders’ equity between December 2022 to December 2023.
The settlement states, "On August 14, 2023, GoodCharlie timely filed its 2023 semi-annual report, which demonstrated that GoodCharlie’s shareholders’ equity had, since December 2022, been below the required amount."
The settlement states, "On February 27, 2024, GoodCharlie filed documents demonstrating that it regained shareholders' equity of at least one million dollars in December 2023."
"As of December 2023, GoodCharlie has had shareholders' equity of the required amount," the settlement states
Noting GoodCharlie's corrective actions, the settlement states, "GoodCharlie has restructured and added a capital partner."
In addition to the $13,000 administrative penalty, GoodCharlie under the settlement agrees to maintain at least $1 million dollars in shareholders' equity until May 31, 2025, which is a period longer than otherwise required under the PUC's rules
Under rule, for those REPs demonstrating financial fitness by meeting the rule's minimum amount of shareholders' equity, once a new REP has continuously served customers for 24 months, the REP no longer must maintain the minimum level of shareholders' equity.
Docket 57335
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
December 2, 2024
Email This Story
Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
NEW Jobs on RetailEnergyJobs.com:
• NEW! -- Director of Policy and Research, Retail Energy
• 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
|
|
|
|
|