Identity Of Texas Retail Provider Which Acquired GridPlus Customer Book Confirmed
May 18, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Texas retail electric provider JP Energy Resources LLC recently acquired a book of customers from GridPlus Energy.
GridPlus had in March announced that, "out of necessity, [we] have divested our retail energy subsidiary," but the company did not identify the REP which was acquiring its customers at such time.
Staff of the Public Utility Commission of Texas on May 17 filed a petition to revoke the retail electric provider (REP) certificate of GridPlus Texas, Inc. d/b/a GridPlus Energy, as Staff alleged that GridPlus, "is no longer able to meet its financial obligations to ERCOT."
Staff alleged, "On April 19,2021, the Electric Reliability Council of Texas (ERCOT) provided GridPlus with of a notice o f material breach for GridPlus' failures to provide required collateral and timely pay settlement invoices. On April 21, 2021, ERCOT revoked all rights of GridPlus as a market participant and terminated its Standard Form Market Participant Agreement (SFA) as a result of GridPlus' failures to provide required collateral and pay outstanding settlement invoices. Specifically, ERCOT asserted that, as of April 19, 2021, GridPlus had outstanding collateral calls in the amount of $1,314,595.59 and unpaid invoices in the amount of $1,431,642.73."
GridPlus had earlier filed at the PUC to relinquish its REP certificate.