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New Entity Which Is Part Of Retail Supplier Holding Co. Seeks Texas REP Certificate, Is Affiliated With Parent Of Prior Applicant In Which Prior Applicant's Principals Are Not Permitted To Control REP
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Elevate Energy, LLC applied for an Option 1 Texas retail electric provider certificate
Although the precise legal relationship is not clear, Elevate Energy, LLC listed on its REP application various Energywell companies, including Energywell, LLC and Energywell Retail Holdings, LLC, as "subsidiary, parent, or sister compan[ies]".
As previously reported, the separate entity Energywell Texas, LLC had sought a Texas REP certificate but later withdrew the application after the PUC declined to grant a good cause exception to the PUC's rule which provides that a REP may not be controlled by an individual who, within 6 months prior to the relevant event(s) occurring, was a principal at a REP which either (1) experienced an involuntary mass transition, (2) had its ERCOT standard form market participant agreement terminated, or (3) exited a market with outstanding financial obligations that remain outstanding (16 TAC § 25.107(g))
See background here
In Energywell Texas, LLC's prior, separate application, Energywell Texas, LLC had noted that certain of Energywell Texas, LLC's principals -- namely Michael Fallquist, Roop Bhullar, and Christian McArthur -- were principals of Griddy Energy, LLC, which was subject to an involuntary mass transition of its customers to POLRs in the wake of Winter Storm Uri, and which had its ERCOT market participant rights revoked. None of these individuals appear listed as serving in any function with respect to Elevate Energy, LLC in the public portion of the Elevate Energy, LLC REP application
Elevate Energy, LLC indicated on its application that it has identified a principal, executive officer, employee, or third-party provider of
the applicant (Elevate Energy, LLC) that:
• "Exercised direct or indirect control over a REP that experienced a mass transition of the REP's
customers under 16 TAC § 25.43 at any time within the six months prior to the mass transition."
• "Exercised direct or indirect control over a market participant at any time within the six months
prior to a market participant having had its ERCOT standard form market participant agreement
(SFA) terminated or a similar agreement for an applicable independent organization terminated."
However, Elevate Energy, LLC stated that:
"Applicant confirms that a person meeting the criteria for persons prohibited from controlling a REP in
accordance with 16 TAC § 25.107(g):
(1) "does not control the applicant; and
(2) "is not relied upon to meet the relied upon to meet [sic] the basic certification requirements of 16 TAC § 25.107(d) or the technical and managerial requirements of 16 TAC § 25.107(e)." [note, this typographical error is in the REP application form itself, with Elevate Energy, LLC merely checking an appropriate box, and does not represent a typographical error made by Elevate Energy, LLC]
Elevate Energy, LLC further stated, "Elevate Energy, LLC ('Applicant') will use a third-party
provider, Energywell Resources, LLC, for various services related to the operations of Applicant.
Some employees of Energywell Resources, LLC qualify as persons that meet some the criteria of 16
TAC § 25.107(e)(2)(E)(iv)(I). While such persons may provide certain services to Applicant, neither
Energywell Resources, LLC nor the individual persons have, and will not have, any ability to control --
either directly or indirectly -- the Applicant. Applicant is also not relying on any such persons to meet
the requirements of 16 TAC § 25.107(e)(1)(A-B)."
Jonathan Rubenstein serves as CEO of Elevate Energy, LLC
Marilee Stewart serves Senior Vice President - Operations of Elevate Energy, LLC
Tom McGinn serves as Senior Vice President - Energy Supply for Elevate Energy, LLC
These three preceding individuals have served in various positions at Energywell companies for some time
David Nicoll, Jordan Mikes, and Dinkar Bhatia are listed as board members of Elevate Energy, LLC
Elevate Energy, LLC sought authority to collect customer deposits and prepayments
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December 20, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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