The New Jersey Board of Public Utilities (“Board” or “BPU”) issued an Order on November 18, 2020 regarding amounts that are tracked under Section 15.9 of existing or prior BGS Supplier Master Agreements but that have not yet been paid to past and current BGS Suppliers. The Board ordered that such amounts be released upon submission by the BGS Supplier of a mutually agreeable letter of credit for 50% of the owed amounts along with an explicit agreement on remedies should a BGS Supplier fail to maintain appropriate credit, fail to refund as required, or if final refund amounts are different from disbursed amounts.
The EDCs have scheduled a call with BGS Suppliers for 9 AM on Thursday, December 17 as an initial follow-up on the Board’s Order regarding “Collect-Don’t-Pay” transmission charges. In advance of the meeting, the EDCs will provide a term sheet that will outline the proposed process by which tracked amounts will be released to BGS Suppliers in accordance with the Board’s Order. The term sheet will be provided in conjunction with the dial-in information for the meeting.
December 15, 2020.