Source: http://aepohiocbp.com/index.cfm?s=stakeholderInformation&p=faqs&faqCategoryId=6
Timestamp: 2019-05-24 05:52:20
Document Index: 527043518

Matched Legal Cases: ['art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2']

03/06/2019 - ANNOUNCEMENT: PUCO Accepts Results of the March 2019 Auction under AEP Ohio’s CBP
10/29/2018 in Credit
10/15/2018 in Credit
For the November 2018 Auction, if a bidder is relying on its own financial standing but does not have sufficient unsecured credit, can the bidder submit a “letter of reference” to meet the additional pre-bid security requirement?
For the November 2018 Auction, the amount of pre-bid security required is $500,000 per tranche. No additional pre-bid security is required for any bidder. As stated in Paragraph IV.2.9. of the CBP Rules, a bidder that relies on its own financial standing and that does not have sufficient unsecured credit may submit a “letter of reference” to meet the additional pre-bid security requirement when the maximum amount of pre-bid security required per tranche exceeds $500,000. This is not applicable to the November 2018 Auction.
10/02/2018 in Credit
We know that we are required to send the hard copy executed Pre-Bid Letter of Credit to the Auction Manager’s office. Does a Letter of Reference need to be sent to the Auction Manager’s office in hard copy also?
As you note, the hard copy of the executed Pre-Bid Letter of Credit must be sent to the Auction Manager’s office (NERA – Auction Manager AEP Ohio CBP 1835 Market Street, Suite 1205 Philadelphia, PA 19103). For the Letter of Reference, it is sufficient to upload a scan of the executed Letter of Reference in the space reserved for this purpose in the online Part 2 Form. The Auction Manager also accepts hard copies delivered to the Auction Manager’s office.
02/14/2018 in Credit
Does Paragraph 14 of the Pre-Bid Letter of Credit mean that the Auction Manager is authorized to sign on behalf of AEP Ohio?
While AEP Ohio is solely responsible for determining whether a particular executed Pre-Bid Letter of Credit is acceptable, if an amendment is required, an Authorized Officer of the Auction Manager is authorized to accept or reject the amendment on behalf of AEP Ohio.
Where is the post-bid letter of credit posted to the CBP website and can we still submit comments?
The SSO Supplier Letter of Credit is posted to the Documents page of the CBP website. The deadline for submitting comments or proposed modifications has been extended to 12PM (noon) EST on February 26, 2018. Please see our announcement here.
Must all SSO Suppliers post the independent credit requirement amount (regardless of the financial position of the SSO Supplier)?
No. An SSO Supplier may qualify for an unsecured credit line for purposes of the Independent Credit Requirement. The Independent Credit Threshold (“ICT”) is the amount of credit, based on the creditworthiness of an SSO Supplier or its Guarantor, if applicable, which AEP Ohio grants to such SSO Supplier to satisfy the SSO Supplier's Independent Credit Requirement (“ICR”). The ICT is determined on the basis of the entity’s credit rating and tangible net worth (“TNW”) in accordance with the matrix on page 19 of the AEP Ohio Master SSO Supply Agreement.
12/07/2017 in Credit
Can you please confirm that, if we intend to submit a Letter of Credit for the full amount of the pre-bid security required, we should be submitting a Letter of Credit in an amount of $800,000 per tranche ($500,000 in minimum pre-bid security plus $300,000 in additional pre-bid security)?
Confirmed. Please see FAQ-161.
11/08/2017 in Credit
FAQ-164:
It is possible that our bank will be overnighting the pre-bid letter of credit the day that Part 2 Applications are due. Is there any issue with this timing?
The Part 2 Application must be received by the Auction Manager no later than 12PM (noon) EPT on November 8, 2017. Upon receiving your Part 2 Application materials, the Auction Manager sends a notice either stating that the Part 2 Application is complete and is being considered, or stating that the Part 2 Application is deficient. If a Qualified Bidder receives a first deficiency notice from the Auction Manager regarding pre-bid security (the pre-bid letter of credit, cash, the letter of intent to provide a guaranty, or the letter of reference), the Qualified Bidder has until 12 PM (noon) on the Part 2 Date, or until 6 PM on the second day following the business day during which such deficiency notice is sent to the Qualified Bidder, whichever comes later, to respond.
If your online Part 2 Form and supporting materials are submitted on the Part 2 Date, but your pre-bid security in the form of cash or pre-bid letter of credit has not been received by the Part 2 Date, you will receive a deficiency notice requiring you to provide the pre-bid security by 6PM EPT on the second day following the business day during which such deficiency notice is sent. For example, a deficiency notice sent on November 8, 2017 will require corrections to be made, or materials to be received, by 6PM EPT on November 10, 2017.
Do we need to provide a letter of reference if we are submitting a Letter of Credit for the full amount of pre-bid security required?
If you provide pre-bid security in the form of cash or a letter of credit in an amount of $800,000 per tranche of the indicative offer at the maximum starting price, you are not required to provide a letter of reference.