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PUCT Staff, Proton Energy Reach Agreement in Principle in Revocation Case
April 1, 2011
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PUCT Staff and Proton Energy, Inc. have reached an agreement in principle to resolve Staff's pending REP certificate revocation petition against Proton, and parties asked that the procedural schedule in the case be abated (38633).
The parties reported that Proton and Staff are in the process of developing a mutually acceptable settlement agreement, and asked that the hearing scheduled for April 5 be cancelled.
As only noted in Matters (9/6), Staff has sought revocation of Proton's certificate due to Staff's allegations that Proton failed to meet several requirements under the Substantive Rules, including financial requirements under Subst. R. 25.107(f).
Proton has apparently come into compliance with the minimum financial standards since the petition was filed, though Staff's rebuttal testimony noted that this does not cure the alleged non-compliance from the relevant effective date of new Subst. R. 25.107, which was May 22, 2010.
Staff had also alleged that Proton did not meet the minimum requirements for commodity risk management experience. As of the date of Staff's rebuttal testimony (in late February), Staff alleged that Proton was still not in compliance (due to the inability of Staff to verify information provided by Proton), but Proton has since submitted several supplemental filings, under seal, related to its commodity risk management experience.
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