Supporting Retail Energy Suppliers through New York’s Regulatory Changes with Enerex

The energy landscape in New York is evolving with the introduction of new commission and disclosure rules, significantly impacting Retail Energy Suppliers. These new regulatory requirements, effective from July 31st, place the compliance burden squarely on suppliers. Here’s a breakdown of what you need to know:

Key New Regulations

1. ONLY Pay Registered Brokers: Any transactions occurring after July 31st (including deals signed before this date but with modifications such as add/deletes or changes in ownership) can only pay commissions to brokers who are registered and licensed at the time of the commission payment.
2. Data Security Agreement: Brokers and suppliers must sign a Data Security Agreement, treating account numbers and usage data as confidential. Additionally, a cloud-based, DSA-compliant system of record is required.
3. Fee Disclosure: Proposals and contracts involving brokers must display the unit fee with calculation or a total dollar amount.

These regulations are designed to enhance transparency and security in the energy market, but they also introduce new challenges in managing commissions and broker relationships.

How Enerex Can Help

At Enerex, we understand the complexities these new rules bring. Our solutions are designed to streamline compliance, ensuring your operations run smoothly and efficiently.

Introducing CRAFT and INSIGHTS

Our Commission Statement Generation software, CRAFT, is already trusted by 10 Retail Energy Suppliers, processing over $1 billion in commissions. Now, it features INSIGHTS, a revolutionary tool that checks broker registration in real-time. This addition allows you to:

• Automate compliant commission payments: Ensure that all commission payments are made only to registered and licensed brokers, as required by the new regulations.
• Seamlessly integrate fee disclosures into your sales process: Make fee disclosure transparent and straightforward, meeting the regulatory requirements effortlessly.

Benefits of Using Enerex

By leveraging our suite of tools, you can:

• Save countless hours on compliance checks: Automated checks mean less time spent on manual verification processes.
• Minimize risks associated with non-compliance: Reduce the risk of penalties and other issues related to non-compliance.
• Streamline your entire sales and commission process: Improve efficiency and accuracy in your operations, leading to better business outcomes.

At Enerex, we’re committed to helping Retail Energy Suppliers navigate these regulatory changes with ease. Our innovative solutions are designed to meet the needs of today’s dynamic energy market, ensuring compliance and efficiency at every step.