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Mxenergy Adjusted Earnings Higher, Customer Attrition Rises Calif

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Mxenergy Adjusted Earnings Higher, Customer Attrition Rises Calif May 18, 2009 MXenergy Adjusted Earnings Higher, Customer Attrition Rises Adjusted EBITDA for the quarter ending March 31, 2009 was up for MXenergy at $48.9 million, versus $31.7 million a year ago, as higher gross margin versus the year-ago period offset higher attrition. Net income was down at $9.4 million from $25.1 million a year ago, mainly from $11 million in unrealized losses from risk management activities, versus unrealized gains of $35 million in the year-ago quarter. Gross profit was down at $57.8 million versus $86.3 million a year ago, mainly from unrealized losses. Gross profit excluding unrealized losses was up at $69.2 million versus $51.3 million a year ago. Natural gas gross profit before unrealized losses was up at $62.6 million from $48.4 million a year ago. Gross profit per MMBtu was also up at $2.61/MMBtu versus $1.79/MMBtu a year ago. Electricity gross profit excluding unrealized losses was higher at $6.6 million from $2.9 million a year ago, mainly on higher sales and customer count, driven by significant organic customer growth in Texas, Connecticut and New York versus the year-ago quarter. However, the gains were mostly seen in late fiscal 2008 and early fiscal 2009, and attrition has been higher the past six months. Gross profit per MWh during the quarter was up at $33.90/MWh from $19.15/MWh a year ago. Total Residential Customer Equivalents (RCEs) as of March 31, 2009 dropped 92,000 from the year-ago period, to 594,000. Natural gas RCEs at period-end were down at 520,000 from 605,000 a year ago, while electric RCEs were down at 74,000 from 81,000. Due to the timing of customer losses (and gains in the year-ago period), the average number of electric RCEs for the entire quarter Continued P. 7 Calif. Draft Would Maintain Use of Best Estimate Load Forecasting for 2010 RA California LSEs would continue to use their "best estimate" of load for forward Resource Adequacy obligations, but the requirement could change to a "current customer" approach as early as 2011, under a draft California PUC decision released Friday (R. 08-01-025). In D.05-10-042, the PUC held that LSEs shall use their best estimate in producing year-ahead load forecasts required for Resource Adequacy compliance, instead of a forecast based on their current customer count. Some stakeholders, including Pacific Gas & Electric, have suggested adopting the current customer count approach due to their concerns about potential under- forecasting by competitive providers. Electric service providers oppose the change because of the migration which is inherent in their business, and because there is not a liquid capacity market to support trading. The proposed decision agrees that the current lack of liquidity in the capacity market means that the best estimate forecast approach should be used for the 2010 compliance year. "Given the importance that most parties ascribe to having the SCP [California ISO Standard Capacity Product] in place to facilitate capacity trading, we view the successful implementation of the CAISO's SCP tariff provisions as a necessary condition for adoption of the current customer approach," the draft says. 1 Continued P. 7 Energy Choice Matters FirstEnergy Ohio Utilities Post educational institutions, such as athletic fields, served under Rate GS or GP, primarily for Retail Rates lighting purposes, will be charged per the TAS The FirstEnergy Ohio utilities filed retail rates for charge applicable to rate schedule POL. the period starting June 1, 2009. Base standard (applicable to Rider TAS at Ohio Edison and service offer generation charges will remain Cleveland Electric Illuminating as well) unchanged through May 31, 2011, but some of the riders listed below may be adjusted during Rider NDU: Non-Distribution Uncollectible Rider the interim. Listed below are the major All classes: 0.0586¢/kWh components bypassable by competitive service customers, though certain schools and Ohio Edison industrials may qualify for additional generation Rider GEN: Standard Service Offer credits if remaining on standard service. Generation Charges (¢/kWh) Class Summer Winter Toledo Edison RS Rider GEN: Standard Service Offer First 500 kWh 6.8818¢ 6.3047¢ Generation Charges (¢/kWh) All excess kWh 7.8818¢ 6.3047¢ Class Summer Winter GS 7.3568¢ 6.3047¢ RS GP 7.1014¢ 6.0859¢ First 500 kWh 6.8818¢ 6.3047¢ GSU 6.9017¢ 5.9148¢ All excess kWh 7.8818¢ 6.3047¢ GT 6.8948¢ 5.9089¢ GS 7.3568¢ 6.3047¢ STL 7.3568¢ 6.3047¢ GP 7.1014¢ 6.0859¢ TRF 7.3568¢ 6.3047¢ GSU 6.9017¢ 5.9148¢ POL 7.3568¢ 6.3047¢ GT 6.8948¢ 5.9089¢ STL 7.3568¢ 6.3047¢ TRF 7.3568¢ 6.3047¢ Fuel Rider (¢/kWh) POL 7.3568¢ 6.3047¢ RS (0.0668)¢ GS (0.0668)¢ Fuel Rider (¢/kWh) GP (0.0645)¢ RS 0.1058¢ GSU (0.0627)¢ GS 0.1058¢ GT (0.0626)¢ GP 0.1022¢ STL (0.0668)¢ GSU 0.0993¢ TRF (0.0668)¢ GT 0.0992¢ POL (0.0668)¢ STL 0.1058¢ TRF 0.1058¢ Rider TAS: Transmission and Ancillary POL 0.1058¢ Services Rider RS (all kWhs, per kWh) 0.0243¢ Rider TAS: Transmission and Ancillary GS* (per kW of Billing Demand) $ 0.0790 Services Rider GP* (per kW of Billing Demand) $ 0.1300 RS (all kWhs, per kWh) 0.1334¢ GSU (per kVa of Billing Demand) $ 0.1090 GS* (per kW of Billing Demand) $ 0.3700 GT (per kVa of Billing Demand) $ 0.1000 GP* (per kW of Billing Demand) $ 0.4670 STL (all kWhs, per kWh) 0.0097¢ GSU (per kVa of Billing Demand) $ 0.6470 TRF (all kWhs, per kWh) 0.0097¢ GT (per kVa of Billing Demand) $ 0.5180 POL (all kWhs, per kWh) 0.0097¢ STL (all kWhs, per kWh) 0.0533¢ TRF (all kWhs, per kWh) 0.0533¢ POL (all kWhs, per kWh) 0.0533¢ Rider NDU: Non-Distribution Uncollectible Rider * Separately metered outdoor recreation All classes: 0.0566¢/kWh facilities owned by non-profit governmental and 2 May 18, 2009 Cleveland Electric Illuminating Affairs. Rider GEN: Standard Service Offer Prior to the point of order, Rep. Sylvester Generation Charges (¢/kWh) Turner successfully offered an amendment to Class Summer Winter the bill which reads that each customer is RS entitled to, "a written contract with a service First 500 kWh 6.8818¢ 6.3047¢ provider, on a standard form approved by the All excess kWh 7.8818¢ 6.3047¢ commission that includes conspicuous GS 7.3568¢ 6.3047¢ standardized topical headings to be identified by GP 7.1014¢ 6.0859¢ the commission, and that provides the consumer GSU 6.9017¢ 5.9148¢ with sufficient information to make an informed GT 6.8948¢ 5.9089¢ choice of service provider." STL 7.3568¢ 6.3047¢ The bill also prescribes parameters for TRF 7.3568¢ 6.3047¢ deferred payments plans REPs must offer POL 7.3568¢ 6.3047¢ qualifying customers to prevent disconnections during the summer, and would prohibit Fuel Rider (¢/kWh) disconnection of such customers. The bill also All classes: 0.0000¢ expands conditions constituting a weather emergency triggering various disconnection Rider TAS: Transmission and Ancillary prohibitions. Services Rider RS (all kWhs, per kWh) (0.0074)¢ House Distributed Generation Purchase GS* (per kW of Billing Demand) $ (0.0220) Obligation Passes GP (per kW of Billing Demand) $ (0.0240) The House also passed an amended version GSU (per kW of Billing Demand) $ (0.0260) of HB 1243, which would compel REPs to GT (per kVa of Billing Demand) $ (0.0210) purchase excess distributed renewable STL (all kWhs, per kWh) (0.0033)¢ generation, and set the rate at which surplus TRF (all kWhs, per kWh) (0.0033)¢ generation must be paid. Under the bill, REPs POL (all kWhs, per kWh) (0.0033)¢ would be required to pay surplus generation at least the fair market value, or the local market Rider NDU: Non-Distribution Uncollectible Rider clearing price for energy at the time of day the All classes: 0.0478¢/kWh surplus electricity is made available to the grid. Fair market value would be set by the PUCT as a monthly or longer proxy for the market Texas Disconnect, Standard clearing price. The methodology adopted by the Form Contract Bill Sent Back to Commission must not allow the aggregate fair House Committee market value of surplus electricity in any billing A Texas bill which would implement expanded period to be less than zero. disconnection protections, mandate a standard The mandatory pricing would apply to form retail contract, and require the distributed renewable generation systems under development of a retail market monitor was sent 10 kW installed by residential customers, back to the House State Affairs committee on a systems under 150 kW for churches, and under point of order late last week (Matters, 5/5/09). 250 kW for public schools. Rep. Sid Miller raised a point of order against REPs may charge an administrative fee to a further consideration HB 3245 because the distributed renewable generation owner on a committee minutes of the April 23 meeting are monthly or annual basis. inaccurate. Miller argued that the minutes state The PUCT would post its fair market value that the committee was given permission to calculation as well as REP offers to buy surplus meet while the House was in session, but the generation online. House Journal does not reflect that permission was given for the meeting. The point of order was sustained, and the bill was returned to State 3 Energy Choice Matters 2012/2013 Capacity Costs causing several thousand megawatts of interruptible load to offer into the auction as Plummet in Unconstrained demand response resources.
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