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Eversource filed revised master agreement and tariff incorporating the POR program.

Among other things: (1) participating suppliers “shall be required to sell their Accounts Receivable to the Company relating to Supplier Service provided to those Customers for whom the Company issues a consolidated bill”; (2) billing procedures include: (i) “The Company shall issue a single consolidated bill for all electric service to each Customer served by a Participating Supplier” and “The Company shall send a ‘customer usage and billing information’ [EDI] transaction to the Supplier”; and (ii) “The Company shall send a “payment/adjustment” detail spreadsheet within one business day of the Supplier’s request, once the funds have been sent to the Supplier”; (3) “The Company shall pay to the Supplier the full amounts due from Customer for Supplier Service, less the applicable Discount Percentage Rate,” which is the sum of: (i) Administrative Cost Percentage, which will be zero “For the first year or other initial period of the POR program”; (ii) Amortized Incremental Capital Expense; (iii) Past Period Reconciliation Percentage; and (iv) Uncollectible Percentage, defined as “the sum of the net write-offs for Supplier Service billed by the Company through consolidated billing service for each Customer Classification, based on actual data for the most recent calendar year, divided by the total amounts billed by the Company, including late payment fees if included in net write-offs, for Supplier Service billed to that Customer Classification by the Company through consolidated billing service during the same period,” though “during the first year or other initial period of POR program operation, ending on July 31, 2025, the uncollectible percentage shall be the total amount of net write-offs by the Company for each Customer Classification based on actual data for the most recent calendar year, divided by the total amounts billed by the Company, including late payment fees if included in net write-offs, to that Customer Classification”; and (4) regarding implementation of the POR program: (i) the effective date is the later of 5/1/25 or “the first day of the month following notice by the Company to the Commission that all system modifications necessary to implement the POR program have been completed, tested, and are fully operational”; (ii) “the Company shall pay the Supplier for amounts already existing as outstanding accounts receivables of the Supplier,” subject to the discount percentage rate, within 30 days of the initial implementation; and (iii) “the Supplier shall grant to the Company a first priority perfected security interest in and to the accounts receivable that the Company will be purchasing through its POR program” and “be authorized by the Company to place a security interest on the accounts receivable from the Company to the Participating Supplier associated with the purchase by the Company of the Participating Supplier’s accounts receivable.”

Second phase hearing scheduled for 1:00 p.m. ET on January 29, 2025. 

DE 23-004 (Opened 01/10/2023)
(Proposal By Utility Eversource To Implement A Purchase Of Receivables (POR) Program In Its Territory.)