If you’re building your energy business in New York, we have an important update for you following a recent decision by the New York Public Service Commission (PSC). And even if you’re not building in New York, it wouldn’t hurt to be in the know!
Late last year, the PSC adopted an order requiring retail energy companies to change the products they offer in the market to meet certain standards. To continue supporting your business, Stream will be updating its offering to remain operational in the state. For a more in-depth look at the order, check out the FAQs below.
The effective date of the order (May 11, 2020) is subject to delay based on further developments with the NY PSC and the legal and regulatory process.
What It Means for You
You can still share Stream in New York. However, there will only be one offering in the market: a 50% green* variable-rate plan for electricity customers.
What It Means for Electricity Customers
Electricity customers on a fixed-rate plan will finish out their current contract term. When they’re up for renewal, they need to renew on the new 50% green* variable-rate plan.
If your electricity customers want to keep their Stream service and continue doing business with you, they need to enroll in the new plan by May 11, 2020. When the plan is available, they can do that online through the normal renewal process or call Stream (866-447-8732).
The new plan will follow incumbent pricing with an added premium to offset 50%* renewable energy.
What You Should Do
As soon as the new 50% green* plan is available, start encouraging your customers to enroll. If they don’t and miss the deadline, their service will return to the utility. We suggest waiting until the plan is available before reaching out to your customers.
Effect on Gas Customers
Fixed-rate gas customers will stay with Stream until their contract ends but won’t be able to renew their service. It will be returned to the utility at the end of their current term. Variable-rate customers’ agreements will end starting in May 2020 and their service will return to the utility by the PSC’s mandated deadline. Again, this is a requirement from the PSC.
Our CEO’s Take
CEO Bouncer Schiro knows the New York Associate community is in good hands. Earlier this week, he met with New York leaders in Queens and Rochester to share this update in advance. Here’s what he had to say:
“It was so great seeing our New York leaders this week. When I delivered this update, they immediately began asking thoughtful questions and thinking of ways to continue promoting our products and to help New York Associates succeed. What I saw was the mark of true leaders. It was wonderful to witness.”
*50% in-state renewable energy