Texas REP, PUC Staff Reach Settlement In Revocation Proceeding, Following POLR Drop Last Year

The Staff of the Public Utility Commission of Texas (Staff), V247 Power Corporation (V247), and the Electric Reliability Council of Texas, Inc. (ERCOT) (collectively, the parties) have entered into a settlement concerning Staff's petition to revoke V247's retail electric provider certificate due to V247 failing to cure a material breach at ERCOT, which resulted in an involuntary transition of V247's customers to POLRs in May 2022

The settlement states that, on April 26, 2022, V247's QSE gave notice of its intent to terminate its relationship with V247. The settlement states that V247 was then required to designate a new QSE with such relationship to take effect on the date its relationship with its current QSE was terminated or to satisfy all necessary creditworthiness requirements for QSEs and become an Emergency QSE by noon on May 2, 2022. The settlement states that V247 failed to meet the May 2, 2022 deadline, as well as a subsequent deadline to cure a material breach of the ERCOT standard form market participant agreement

Between May 3, 2022 and May 9, 2022, ERCOT performed a mass transition of V247's customers to providers of last resort (POLRs).

In total, approximately 24,767 customers were transitioned to POLRs, including approximately 22,912 customers on residential contracts, 1,681 customers on small commercial contracts, 173 customers on medium commercial contracts, and one customer on a large commercial contract

Under the settlement, V247 agrees to the revocation of its REP certificate

Under the settlement, Commission Staff does not seek administrative penalties for the alleged violations addressed in the proceeding

Docket 53610