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A regulatory filing averred to be from the Chief Transition Officer of Current Energy and Renewables, Inc. (Current) stated that, “due to Current’s insolvency and inability to pay amounts owed to Boston Energy Trading and Marketing LLC (‘BETM’) over several months, Current is in default of its CRES [competitive retail electric service] obligations under the terms of the tariffs of Ohio Power Company d/b/a AEP Ohio (‘AEP Ohio’), Duke Energy Ohio, Inc. (‘Duke’), The Dayton Power Light Company d/b/a AES Ohio (‘AES Ohio’), and FirstEnergy.”

The filing from the Chief Transition Officer alleged, “On April 2, 2024, BETM notified Current that is was exercising its step-in rights under the Pledge and Security Agreement. By exercising its step-in rights, BETM has the power to exercise all powers of ownership over Current. Exercising its step-in rights allowed BETM to remove all of Current’s directors and officers and appoint a Chief Transition Officer (‘CTO’) to: 1) evaluate the financial condition of Current; 2) oversee the operations; and 3) ultimately direct actions of Current.”

The filing from the Chief Transition Officer alleged, “Due to Current’s insolvency and inability to pay its debts, and for the protection of Current’s Ohio retail customers, Current and BETM would not object to termination of Current’s CRES agreements and the ultimate transfer of Current’s CRES customers to the EDUs’ standard service offer.”

In notices from Current’s Chief Transition Officer to the Ohio EDCs, the Chief Transition Officer alleged, “CER [Current] is insolvent, demonstrated by CER failing to pay several million in outstanding invoices that have been due since 2023. BETM understands that CER has debts more than the value of its assets. Thus, CER cannot pay its regular debts as they become due. Therefore, CER should be deemed in default under the Tariff and CER’s end-use customers should be moved to the Company’s Standard Offer Rate.”