Call to end residential competition in N.H. not the formal position of Eversource; Huge position on FTRs in PJM market leads to default

Call to end residential competition in N.H. ‘not the company’s position,’ Eversource says. An attorney for Eversource made news after suggesting that consumers would be better off without competitive retail sales in New Hampshire’s residential market. Noting concerns prompting the Massachusetts attorney general to call for an ending residential competition in that state, Eversource regulatory attorney Robert Bersak suggested “a low-hanging fruit thing that should be done is to think about doing away with residential competition on the retail level.” But a spokeswoman for Eversource distanced the utility from his remarks. “Bob was not suggesting that Eversource is calling for an end to the competitive electricity supply market in the state, and that is not the company’s position,” the utility spokeswoman said.

Huge default after traders make bad bets on FTRs in PJM market. Traders with GreenHat Energy took huge positions on financial transmission rights in the PJM Interconnection market that didn’t pan out, Their portfolio valued at some $150 million cratered, “and now everyone from utilities to manufacturers and residential customers are left holding the bag to make up the tens of millions of dollars in losses,” Bloomberg’s Tim Loh reports. “The whole thing is a mess and a disaster,” said Direct Energy’s Marjorie Philips. “GreenHat was allowed to take a very large position that may have made economic sense at one point. But like everybody else, they were probably hoping to hit the jackpot, and they didn’t.”

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