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PUCT Sets October 1 Deadline for dPi Energy Sale

August 3, 2011
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The PUCT abated until the September 29 open meeting consideration of a settlement under which dPi Energy would sell itself to new ownership to maintain its REP certificate (37917).

However, Commissioners said that the sale process must be completed by October 1, or the certificate will be revoked.

Staff had originally been seeking revocation on the grounds of a lack of managerial and technical competency, due to dPi Energy's 50% ownership by Zahed "Ed" Lateef, who was a principal of Riverway Power when it experienced an involuntary mass transition. The stipulated sale process would remove Lateef as owner to resolve the revocation petition.

See 6/20 story for more background on dPi proceeding

Commissioners also sought additional changes to the latest settlement between Staff and dPi which would permit the sale to new ownership to resolve the revocation petition. Among other things, Commissioner Kenneth Anderson sought to ensure that the revocation petition remains open pending both the final sale agreement, and the completion of any REP certificate application or amendment process which the new owner of dPi must make before the Commission (depending on how the sale is structured).

Additionally, Anderson sought clarification in the settlement regarding whether the stipulated condition that dPi shall hire an outside compliance specialist is limited in time, or whether it is ongoing.

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