Illinois Administrative Code › Title 83 - PUBLIC UTILITIES › Part 451 - CERTIFICATION OF ALTERNATIVE RETAIL ELECTRIC SUPPLIERS › Subpart H - PROCEDURES FOR REPORTING CONTINUING COMPLIANCE WITH CERTIFICATION REQUIREMENTS › Section 451.740 - Financial Reporting Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
The ARES shall provide a copy of only those documents that the
				  ARES requires to demonstrate that it continues to possess sufficient financial
				  resources to serve the retail customers for which it has received a certificate of
				  service authority. The applicable documents shall be submitted at the times
				  specified below:
a) An ARES that seeks to
				demonstrate that it maintains sufficient financial resources to provide the services
				for which it has received a certificate of service authority using the criteria set
				forth in subsection (a)(1), (a)(4) or (a)(5) of Section
				451.110,
				451.220
				or
				451.320
				or Section
				451.510(b),
				(c) or (d) shall submit a copy of the latest
				ratings report presenting the commercial paper or long-term credit or obligation
				ratings of the ARES, creditors or guarantors, as applicable, from the ratings
				agencies between April 1 and April 30 of each year and within 15 days following any
				downgrade of such ratings previously filed with the Commission to a rating below A-1
				or A-, if issued from Standard & Poor's or its successor, P-1 or A3, if issued
				from Moody's Investors Service or its successor, or F-1 or A-, if issued from Fitch
				Ratings or its successor. Within 30 days after a downgrade of the commercial paper
				or long-term credit or obligation ratings of the ARES or its creditors, affiliates,
				or guarantors, as applicable, to a level below the minimum required under this Part,
				the ARES shall submit a report that identifies the subsection under which the ARES
				is seeking to demonstrate that its financial resources remain sufficient for
				providing the services for which it has received a certificate of service authority
				and includes the information and documents that subsection requires.
b) An ARES that seeks to demonstrate that it
				maintains sufficient financial resources to provide the services for which it has
				received a certificate of service authority using the criteria set forth in
				subsection (a)(2), (a)(4) or (a)(5) of Section 451.110, 451.220 or 451.320 or
				Section
				451.510(a) or
				(b)  shall submit a copy of any modified,
				replacement or additional credit agreements; unconditional guarantees; lines of
				credit; revolving credit agreements; payment bonds; and letters of credit, as
				applicable. This documentation shall be submitted at least 15 days in advance of any
				modification, cancellation or expiration of the financial agreements.
c) Between April 1 and April 30 of each year, an
				ARES that seeks to use the criteria specified in Section
				451.110(a)(4),
				451.220(a)(4),
				or
				451.320(a)(4)
				to demonstrate that it maintains sufficient financial resources to provide the
				services for which it has received a certificate of service authority shall provide
				the peak hourly demand expressed in MWsscheduled during the previous calendar year
				and the date on which that amount was scheduled, as well as the applicant's expected
				peak hourly demand expressed in MWs over the next 12 months.
d) Between April 1 and April 30 of each year, an
				ARES that seeks to demonstrate that it maintains sufficient financial resources to
				provide single billing services under Section
				451.510(a) or
				(b)  shall submit an updated good faith estimate
				of the amount the ARES expects to be obligated to remit to the utility under single
				billing tariffs adopted pursuant to Section 16-118(b) of the Act between April 1 and
				April 30 of each year.
e) An ARES that
				seeks to demonstrate that it maintains sufficient financial resources to provide the
				services for which it has received a certificate of service authority using the
				criteria set forth in subsection (a)(2) or (a)(5) of Section 451.110, 451.220, or
				451.320 shall submit a copy of its certified financial statements, or those of its
				parent, and accountant's report, as applicable, within 120 days after the close of
				its fiscal year.
f) An ARES that seeks
				to maintain its certificate of service authority under Section
				451.220(b)
				or
				451.320(b)
				shall submit an updated version of the annual financial statements and accountant's
				report, if available, within 120 days after the close of its fiscal year.
g) An ARES that seeks to demonstrate that it
				maintains sufficient financial resources to provide the services for which it has
				received a certificate of service authority using the criteria set forth in
				subsection (a)(2) of Section 451.110, 451.220 or 451.320 shall provide
1) A copy of the security or agreement that was
				provided and approved by the RTO used to serve as collateral for the energy the
				applicant procures from generation asset owners directly through the RTO, including
				any updates, revisions or modifications that may occur, within 15 days after filing
				the document with the RTO.
2) Using the
				alternative method, the applicant's revenue from sales to Illinois retail customers
				may be used. In these circumstances, the revenue from sales to Illinois retail
				customers must be provided in the certified financial statements or in internal
				documents accompanied by a verified statement from a company officer.