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Retail Supplier Reports Change In Ultimate Upstream Affiliate Under Conservative Assumption
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Long Ridge Retail Electric Supplier LLC, along with affiliate Long Ridge Energy Generation LLC, reported a change in an "ultimate upstream affiliate" under a conservative approach to defining the term affiliate
As a result of a transaction
that closed in the second quarter of 2024, Mubadala, a sovereign investor managing a portfolio of assets in the UAE, will now be treated, only when using a conservative assumption of the term affiliate for FERC market-based rate authority, as an ultimate upstream affiliate of the Long Ridge entities.
This results from a transaction under which a Mubadala subsidiary acquired the 90.01% of the equity of Fortress Investment Group LLC that was held by SoftBank.
Fortress Investment Group LLC indirectly owns FIG LLC, which manages (but does not control) FTAI Infrastructure Inc.
FTAI Infrastructure Inc. owns Ohio River Partners Holdco LLC. Ohio River Partners Holdco LLC owns 51% of Long Ridge Energy & Power LLC, the parent of Long Ridge Retail Electric Supplier LLC and Long Ridge Energy Generation LLC
The Long Ridge entities stressed that, as before, FIG LLC does not control the Long Ridge entities
As such, the Long Ridge entities said that the Long Ridge entities are not "affiliates" of FIG LLC, nor ultimately Mubadala. The Long Ridge entities, however, reported the change for purposes of conservatively assuming that an affiliate relationship did exist for purposes of the Long Ridge entities' electricity market-based rate authority
The Long Ridge entities are no longer conservatively assumed to be affiliates of SoftBank Group Corp., as a result of the above-described transaction
As previously reported, Long Ridge Retail Electric Supplier is a competitive retail supplier formed for the purpose of serving customers at an industrial site, the Long Ridge Energy Terminal, that was formerly the site of the Ormet Primary Aluminum Corporation aluminum reduction facility in Monroe County, Ohio
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August 7, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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