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Noting Concern, Texas Commission Adopts Settlement Allowing Glacial Energy of Texas, Inc. to Retain REP Certificate The Public Utility Commission of Texas approved a settlement between Staff and Glacial Energy of Texas, Inc. which fully resolves a Staff Notice of Investigation into, and petition to revoke the REP certificate of, Glacial Energy of Texas, Inc., and which allows Glacial Energy of Texas, Inc. to maintain its REP certificate.
While understanding why Staff settles cases, PUCT Chairman Donna Nelson expressed reservation about her vote to adopt the agreement.
"I'm concerned about a company like this and an individual like this still being in the market," Nelson said, though she ultimately voted to adopt the settlement. Nelson warned, however, that should this company or individual come before the Commission again under an enforcement proceeding, she will not hesitate, after due process, to revoke the certificate.
The settlement's previously reported provisions, which notably allow Glacial Energy of Texas, Inc. to retain its REP certificate, were not substantively modified, though the Commission adopted clarifying changes ensuring that such provisions were contained in ordering paragraphs.
Under the settlement, "Gary Mole shall resign as an officer and director of Glacial Texas and agrees not to serve as an officer or director of Glacial Texas or otherwise participate in the management of Glacial Texas."
Staff had originally alleged that Gary Mole, the majority shareholder of Glacial Energy Holdings, which owns Glacial Energy of Texas, Inc., previously had an ownership interest and experience with Franklin Power Company, a REP that experienced an involuntary mass transition of customers to POLR in 2005.
P.U.C. SUBST. R. 25.107(g)(1)(D) holds that, "[a]n individual that was a principal of a REP that experienced a mass transition of the REP's customers to POLR shall not be considered for purposes of satisfying this requirement, and shall not own more than 10% of a REP or directly or indirectly control a REP."
The settlement further provides for various stock transactions such that Gary Mole has no means of governance or control over Glacial Energy of Texas, Inc.
Also under the settlement, Glacial Energy of Texas, Inc. has agreed to pay an administrative penalty of $100,000 to settle all matters contained in the Staff NOV and petition, including Staff's allegations that Glacial Energy of Texas, Inc. was not in full compliance with 35 provisions of the Substantive Rules (based on a compliance audit).
Per the adopted stipulation, Glacial Energy of Texas, Inc., shall establish and maintain a $1.5 million letter of credit for a two-year period following approval of the settlement.
Additional provisions of the settlement were detailed in our prior story (click here)
Docket: 40090
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August 12, 2013
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Reporting by Paul Ring • ring@energychoicematters.com
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