Federal Energy Regulatory Commission Recognizes PowerOne as Category 1 Seller in All Regions
CHICAGO, March 7, 2014—On January 10, 2014, the Federal Energy Regulatory Commission (FERC) accepted PowerOne’s energy pricing tariff. In a letter to the company’s attorney confirming PowerOne’s tariff, FERC’s director of electric power regulation in the West wrote:
“The proposed market-based rate tariff provides for the sale of energy, capacity, and ancillary services at market-based rates. PowerOne requests waivers commonly granted to similar market-based rate applicants…Based on your representations, PowerOne meets the criteria for a Category 1 seller in all regions and is so designated.”
FERC’s commissioners are tasked with regulating the rates, terms and conditions of interstate electric transmission by public utilities, and the sales of electric energy at wholesale in interstate commerce by public utilities. FERC also oversees corporate activities and transactions by public utilities (mergers, securities issuances, interlocking directorates), as well as utilities’ accounting and reliability.
“FERC’s acceptance of PowerOne’s tariff and associated waivers is a key step in executing the company’s business plan,” stated Rami Fawaz, PowerOne’s COO and resident supply expert. “As a federally regulated utility, PowerOne enters a new phase as it transitions from broker to retail energy provider.”