FirstEnergy Solutions Receives Extension Of Existing Retail Supplier License
October 29, 2018 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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An attorney examiner for the Public Utilities Commission of Ohio granted FirstEnergy Solutions Corp. (FES) an extension of its existing retail electric supplier certificate that was set to expire on November 2, 2018.
In its previously reported motion for a 120 day extension of the certificate, while PUCO considers a renewal application filed by FES, FES has said, "Good cause exists to extend the Certificate for this 120-day period because FES, though financially stable with almost $1 billion in cash on hand, is currently in bankruptcy. Delaying the Commission’s consideration of the FES renewal application and extending the Certificate for an additional 120 days will provide the Commission with the opportunity to evaluate FES’ financial performance while in bankruptcy and FES’ continued service of Ohio customers, and will provide additional clarity on the potential sale of the FES retail book and any potential FES plan of reorganization. Accordingly, FES respectfully requests that the Certificate be extended through March 2, 2019."
The attorney examiner granted the request, but granted an extension of 180 for the reasons described below:
"The attorney examiner finds that FES has demonstrated good cause for an extension of its current certificate. However, the attorney examiner also finds that the proposed 120-day extension is insufficient. Ohio Adm.Code 4901:1-24-09 provides that a competitive retail electric service provider shall file an application for certification renewal no less than 30, and no more than 60, calendar days prior to the expiration of a certificate. Therefore, if a 120-day extension were to be granted, FES would be required to file its renewal application in as little as 60 days. This would most likely result in FES filing repeated, additional requests for extensions of its current certificate. Accordingly, the attorney examiner finds that a 180-day extension is more appropriate and should be granted," the attorney examiner said
"The attorney examiner notes that FES should continue to file notices of material change in accordance with Ohio Adm.Code 4901:1-24-11 as necessary for the extended term of its certificate. Further, FES should file its renewal application no less than 30, and no more than 60, calendar days prior to the expiration of the current certificate on May 1, 2019. Nonetheless, the attorney examiner will consider additional extension requests if necessary due to the bankruptcy proceeding," the attorney examiner said
In its renewal application, FES had noted the previously reported and pending sale of its retail customer book to Exelon. FES said that, subject to final approval, it intends to commence the process of assigning its retail customer contracts to Exelon promptly after the closing of the proposed sale to Exelon. FES currently expects this assignment process to be substantially completed by the end of 2018.