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Maine PUC Orders Six Retail Suppliers to Post Additional Security, Or Justify Current Level
The Maine PUC ordered six retail electric suppliers to post additional security, or provide updated sales data showing that their current level of security is appropriate.
The PUC issued the directive to:
Chapter 305 §2(B)(3)(c) of the Commission's rules requires that Competitive Electricity Providers (CEP) who provide supplier services to the residential and small non-residential customer classes provide an initial security in the amount of $100,000.
This section goes on to state that: "The required security amount will change each year and shall equal 10 percent of the licensee's annual revenues from sales of generation services to residential and small non-residential customers in Maine over the prior calendar year. Annual revenues for purposes of this provision do not include revenues from standard offer service."
In each case, the PUC said that the supplier currently had $100,000 in security posted with the PUC, but that their 2012 CEP annual report indicated that, based on their sales to the small volume classes, this security amount would be insufficient to meet the 10% of annual revenue required by the rule.
The PUC directed each supplier to provide a report to the Commission with the 2013 sales revenues from residential and small non-residential customer classes and, if indicated by the 2013 revenue level, provide security in an amount equal to 10% of their 2013 revenues.
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March 26, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
Constellation NewEnergy
Dominion Retail, Inc.
Electricity Maine
GDF Suez Energy Resources NA, Inc.
Glacial Energy of New England
NextEra Energy Services Maine, LLC
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