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PJM Directs Utilities To Drop Retail Supplier's Customers To Default Service, Due To Supplier's Default
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Updated: Switch provided the following statement:
"As an award-winning retail electric provider Switch has saved our customers money on their commodity purchases. We are pivoting to a more customer-centric business model where we can deliver even greater value. Our strategic reset involves exiting the regulated retail energy provider market." -- Statement from Switch
Earlier:
PJM issued a market notice on November 2 stating that: "Please be advised that Switch Energy, LLC ('Switch'), an LSE in PJM, defaulted on their collateral obligations on November 1, 2021. At that time, PJM terminated Switch’s rights to transact business in PJM's markets and to receive transmission service from PJM. On November 1, 2021, the appropriate Electric Distribution Companies were notified of this default in order to take action to transfer Switch’s customers to default service providers."
PJM stated in the notice that, "A payment default also occurred on November 2, 2021."
PJM stated in the notice that, "PJM continues to monitor all Market Participant activity and will provide updates as appropriate."
Switch was serving 1,680 customers at Duke Energy Ohio
Switch was serving 3,062 customers at AEP Ohio (2,940
residential, 119 commercial and 3 industrial)
Both Duke and AEP Ohio said in PUCO filings that they had received notice from Switch that some or all of Switch's customers would be transferred to LE Energy d/b/a Utility Gas and Power, but that such transfer will now not occur due to the default
Duke said, "Prior to its default on November 1, 2021, Switch had submitted a letter to the Director of Service Monitoring and Enforcement Department of the Commission, stating that all of its gas and electric customers would be assigned to another CRES/CRNG, LE Energy d/b/a Utility Gas and Power, with the assignment to take effect on approximately November 17, 2021. Because Switch defaulted prior to the assignment taking effect and in order to ensure that customers continue to have reliable, uninterrupted, electric service, Duke Energy Ohio is proceeding with moving these customers to the Company’s standard service offer for the present time "
AEP Ohio said, "The
Company also notes that it received a notice of transfer from Switch Energy to LE
Energy affecting some of Switch’s customers which would be effective November
17, 2021. Because the effective date of the transfer will occur after the process to
drop customers from Switch Energy as outlined above, the transfers will effectively
become moot."
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Default Prevents Contemplated Transfer Of Customers To Another Supplier Under Book Sale
November 2, 2021
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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