Rhode Island Code of Regulations › Title 815 - Division of Public Utilities and Carriers › Chapter 30 - Electric Utilities › Subchapter 05 - Non-regulated Power Producers › Part 1 - Rules Applicable to Nonregulated Power Producers (815-RICR-30-05-1) › Section 815-RICR-30-05-1.3 - Prerequisites for Rhode Island Operations

Current through June 14, 2024
A. All NPPs
				  seeking to do business in Rhode Island must file with the Division a notarized
				  registration application that includes the following
1. Legal name;
2. Business Address;
3. The name of the state where organized; the
				  date of organization; a copy of the articles of incorporation, association,
				  partnership agreement, or other similar document regarding legal
				  organization;
4. Name and business
				  address of all officers and directors, partners; or other similar
				  officials;
5. Name, title, and
				  telephone number of customer service contact person;
6. Name, title, and telephone number of
				  regulatory contact person;
7. Name,
				  title and address of registered agent for service of process;
8. Brief description of the nature of the
				  business being conducted;
9.
				  Evidence of financial soundness:
a. Evidence
				  of financial soundness such as surety bonds, a recent financial statement, or
				  other mechanism as specified by the Division, except those nonregulated power
				  producers who may be obligated entities shall provide financial security
				  showing evidence of liquid funds, such as:
(1)
				  a surety bond;
(2) a certificate of
				  deposit
(3) an irrevocable standby
				  letter of credit from an ISO New England Eligible Letter of Credit Bank, a New
				  York Mercantile Exchange ("NYMEX") or a Chicago Mercantile Exchange ("CME")
				  approved letter of credit bank, or,
(4) a corporate guarantee from an
				  investment-grade entity with a Tangible Net Worth of at least ten million
				  dollars ($10,000,000.00).
(5) The
				  financial security shall be in an amount of not less than two hundred fifty
				  thousand dollars ($250,000.00). All financial security provided in satisfaction
				  of this provision shall name the Commission and the Division as
				  obligees;
b. Financial
				  security shall be reviewed each year at the time a nonregulated power producer
				  makes its annual filing. The above notwithstanding, each obligated entity is
				  responsible for informing the Division in writing within five (5) business days
				  of any material adverse change in its financial status. The financial security
				  shall be available to satisfy penalties assessed by the Division for violations
				  of any consumer protection rules or laws related to nonregulated power
				  producers, refunds ordered by the Division, or failure to comply with the
				  provisions of R.I. Gen. Laws Chapter 39-26 as determined by the Public
				  Utilities Commission. Payments made pursuant to this subsection for violation
				  of the provisions of R.I. Gen. Laws §
												39-26-4 shall be forfeited, and
				  shall be remitted to the renewable energy development fund established in R.I.
				  Gen. Laws §
												39-26-7, or any successor funds,
				  and all other forfeitures will be remitted to the state's general
				  fund;
c. All financial security
				  provided in satisfaction of this provision, in addition to naming both the
				  Commission and the Division as obligees, shall meet the language and form
				  requirements of the Commission and Division as such direction may be provided
				  from time to time;
10.
				  Affirmation that the applicant will comply with the Rhode Island General Laws
				  and all rules and regulations promulgated by the Division and the Public
				  Utilities Commission ("Commission");
11. Evidence that, in accordance with the
				  Commission's Reliability Responsibility Regulations, the applicant is either a
				  NEPOOL participant or has a written agreement with a NEPOOL member through
				  which such member agrees to include the load served by the NPP in its load. A
				  copy of this agreement (with any pricing or unrelated commercial terms
				  redacted) should be included with the applicant's filing;
12. Evidence of authorization from the Rhode
				  Island Secretary of State to do business in Rhode Island.