Retail Supplier Offers to Limit Pa. Enrollments in Exchange for Reduced Security

VCharge Inc., which as first reported by Matters is seeking a Pennsylvania electric generation supplier license, has offered to cap its number of Pennsylvania enrollments as a condition of its request for a lower financial security requirement.

As previously reported, VCharge, which is seeking certification as an aggregator taking title to the electricity, sought a reduction in the required security to an amount of $50,000.

As part of this request, VCharge has now offered to limit its enrollments to 250 customers in the PPL territory who are on the Residential Thermal Storage (RTS) rate schedule.

VCharge said these limits would assure that a bonding level of $50,000 is adequate to cover any Gross Receipts Tax liability.

As previously reported, VCharge offers customers technology and hardware to provide real-time control of electric thermal storage heaters, and to respond to electric prices to draw electricity when most affordable, for later use when more expensive. Such storage could also be used for balancing and receive compensation for various ancillaries, VCharge has said.

VCharge has been offering its storage service for over two years, working with two municipal electric companies, Fox Islands Electric Cooperative and Concord Municipal Light Plant.