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Texas Commissioner Anderson Seeks Further Revisions to Definition of REP Principal

March 24, 2014

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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

Texas Public Utility Commissioner Kenneth Anderson has proposed modifications to Staff's latest draft proposal for adoption concerning certification requirements for retail electric providers, specifically with respect to the definition of a principal.

Staff's draft would include in the definition of principal an "executive officer." Staff's draft defines executive officer as, "When used with reference to a person means its president or chief executive officer, a vice president serving as its chief financial officer, or a vice president serving as its chief accounting officer, or any other officer of the person who performs any of the foregoing functions for the person."

Anderson proposes modifying the definition of "executive officer" to mean, "When used with reference to a person means its president or chief executive officer, a vice president serving as its chief financial officer, or a vice president serving as its chief accounting officer, a vice president in charge of a principal business unit, division or function, any other officer of the person who performs a policy making function for the person, or any other person who performs similar policy making functions for the person. Executive officers of subsidiaries may be deemed executive officers of the person if they perform policy making functions for the person."

Furthermore, Anderson would remove from the definition of principal a list of categories describing examples of persons that control the person in question -- specifically proposing to delete the terms "an agent, a permanent employee, contractor, consultant, accountant, entity," insofar as they modify the retained phrase, "a person that controls the person in question."

"I would strike the listed categories of persons who may be deemed principals. This deletion will clarify that the enumerated list will not be used to limit who may be considered a REP principal by virtue of control. Furthermore, the rule's preamble should make clear that this deletion is not intended to limit the scope of who may be control persons, and that agents, permanent employees, contractors, consultants, accountants and other entities or persons can be principals if they in fact exercise sufficient control," Anderson said.

With such changes, Anderson's proposed definition of principal is: "An executive officer; partner; owner; director; shareholder of a privately held company; shareholder of a publicly traded company who owns more than 10% of a class of equity securities; or a person that controls the person in question."

Anderson would also add the U.S. Commodity Futures Trading Commission as a federal agency for which REP applicants must provide relevant information regarding complaint history, disciplinary records and compliance records, and would also require that REP applicants provide relevant complaint history information from any self-regulatory organization relating to "physical or financial transactions in commodities."

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