The New Jersey Board of Public Utilities (“BPU”) is expected to render its decision on the results of the BGS-CIEP and BGS-RSCP Auctions within two business days of the close of the BGS-CIEP or BGS-RSCP Auction, whichever occurs later.

If the BPU approves the results of a BGS Auction, the Auction Manager will notify any winning bidders of such approval that same day. Winning bidders will then be contacted directly by the EDCs regarding the execution of the BGS Supplier Master Agreement (“SMA”). Winning bidders must execute the SMA, and meet all credit requirements of the SMA, within three business days of the BPU’s decision.

For a winning bidder, the Pre-Auction Letter of Credit is cancelled once the SMA is executed and all credit requirements of the SMA are met.