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At the Public Utilities Commission of Ohio (PUCO) Staff of the Commission filed its Staff Review and Recommendation in Indra Energy’s application  for a Certification as a Competitive Retail Natural Gas Provider or CRNGS broker application.

“Based on the Staff’s review, and the additional filed documents provided by Indra, Staff believes that the Applications demonstrate that Palmco Energy OH, LLC d/b/a Indra Energy and Palmco Power OH LLC d/b/a Indra Energy meets the standard for certification set forth in Adm.Code 4901:1-24-10(C) and 4901:1-27-10(C). Therefore, Staff recommends that the Commission approve the Applications, for the limited purpose of providing marketer and brokerage services to large commercial and industrial customers.”

Excerpts from Staff’s Review:

“For the first part of the standard for certification, Staff looks at what service the applicant intends to provide and evaluates whether the applicant demonstrates the managerial, financial, and technical fitness and capability to provide that service. The Applications state that Indra intends to serve large commercial and industrial customers as a power marketer, power broker, natural gas marketer, and natural gas broker in Ohio. The Applications explain Indra’s experience in the competitive electric and natural gas markets, and detail how Indra will perform marketer and brokerage services in Ohio”

“The second part of Staff’s analysis is whether Indra is managerially, financially, and technically fit and capable to comply with all applicable Commission rules and orders for the service the applicant intends to provide. In addition to the two regulatory actions taken by this Commission referenced above, the Applications disclosed three additional regulatory actions taken against entities that have the same owners and principal officers as Indra and the required corrective actions issued by each corresponding agency. From Indra’s previous CRES and CRNGS certificate applications and renewal applications, as well as filings made in CRES and CRNGS certificate case by an entity with the same ownership as Indra, Staff is aware of several other relevant regulatory actions in other jurisdictions.5 All of the previous regulatory actions involved misleading and deceptive actions of Indra acting as a marketer serving residential customers, relating to door to-door sales and telemarketing activities.”

“Staff notes that the Applications and supporting documents showed that Indra’s ownership remains the same as it was at the time of the Commission’s investigations referenced above. However, new key personnel with experience in the gas and electric wholesale markets have been added to Indra’s staff since Indra last operated in Ohio.”

Finally, Staff reviewed whether the Applications demonstrate that Indra can provide reasonable financial assurances sufficient to protect electric distribution utility companies, natural gas companies, and customers from default. Indra filed financial statements, forecasted financial statements, and credit report information. Based on Staff’s review of the financial information submitted by Indra, Staff finds that Indra has demonstrated sufficient financial assurances to protect utilities and customers from default.

As reported previously, on December 19, 2025, as supplemented on January 12, 2026, and January 13, 2026, Indra filed applications seeking certification as a competitive retail natural gas service (“CRNGS”) provider and a competitive retail electric service (“CRES”) provider in Ohio.

In its applications, Indra is seeking certification to provide broker and marketer services to industrial and large commercial customers.

On January 16, 2026, the Applications were suspended to allow for additional time for the Commission and Staff to further review the Applicant’s managerial, technical, and financial capabilities.

As further background, previously the “Commission investigated Indra’s compliance with the Commission’s regulations in Case Nos. 19-2153-GE-COI and 19-0957-GE-COI. On October 20, 2021, the Commission adopted a stipulation in Case No. 19-2153-GE-COI that includes, among other things, the provision that: PALMco agrees that its current owners will not serve as an owner, officer, director, or partner for a CRES or CRNGS supplier in Ohio for seven years from the date the Commission approves the Joint Stipulation; provided that after five years from the date of the execution of the stipulation in PALMco I (July 31, 2019), PALMco’s current owners may operate as an owner, officer, director, or partner for a CRES or CRNGS supplier if that supplier serves only large commercial and/or industrial customers.”