More ESCOs Seek New York Waiver Authorizing Green Natural Gas Products
May 20, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Several additional ESCOs have petitioned the New York PSC for waivers, or in the alternative declaratory orders, allowing such ESCOs to offer green gas natural gas products notwithstanding the product prohibitions contained in the PSC's December 2019 retail market reset order
As previously reported, for natural gas, ESCOs under the reset order are limited to providing mass market customers with a guaranteed savings (versus the utility) plan, or a fixed rate product that is limited in price to a 12-month trailing average utility supply rate plus a 5% premium. The compliance deadline for such product limits has been extended to August 10, 2020
A green gas product petition for waiver or in the alternative declaratory order was filed by Residents Energy, LLC and IDT Energy, Inc.
A separate green gas petition for waiver or in the alternative declaratory order was filed by Citizens Choice Energy, LLC d/b/a AmeriChoice Energy
In a recent 10-Q, Genie Energy Ltd., the ultimate parent of Residents Energy, LLC and IDT Energy, Inc., describes Citizens Choice Energy, LLC thusly: "Citizens Choice Energy, LLC ('CCE'), is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company [Genie Energy Ltd] does not own any interest in CCE. Since 2011, the Company has provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, and as a result, the Company consolidates CCE within its GRE [Genie Retail Energy] segment."
In both petitions, details concerning the green gas programs were filed under seal