Retail Supplier "Making Efforts" to "Recover" Customers Dropped to Default Service due to Default

People's Power & Gas, LLC informed the Connecticut PURA that with its default at ISO New England cured, People's Power & Gas, "plans to continue serving retail customers in Connecticut," and is, "currently making efforts to work with the utilities and regulators in Connecticut and other states to recover its customers placed on utility standard service and resume active service as a retail supplier."

"Among other things, People's has submitted completed Load Asset number forms to ISO-New England for all of its utility service areas and such new Load Asset numbers are in effect for all utilities as of January 3, 201[4]," People's Power & Gas said.

Regarding the default, People's Power & Gas said that in late December 2013, ISO-New England required that People's Power and Gas, LLC increase the amount of its financial security by just under $60,000 as of December 24, 2013 at 10:00 a.m. due to anticipated higher prices.

"In fact, People's remitted $248,000 to ensure no disruption or default during the holiday. People's arranged with its usual bank to meet this increased financial security requirement but People's did not receive the funds back from the financial institution on time, due to circumstances outside People's control. Consequently, the increased funds were transmitted to the ISO-New England approximately 48 minutes after the deadline, triggering a default, immediate revocation of the status of People's as an ISO-New England market participant, and retirement of its Load Asset identification numbers," People's Power & Gas said.

"People's immediately cured the technical default and ISO-New England reinstated People's as a market participant as promptly as possible given the December 25, 2013 Christmas holiday, namely at 11:15 a.m. on December 26, 2013," People's Power & Gas said.

People's was advised by ISO New England that, despite People's cure of the default shortly after the deadline and "days" before the effectiveness of the retirement of People's Load Asset IDs at 12:00 a.m. on December 27, ISO-New England was not able to stop or reverse the process to revoke People's market participant status.