How much does an energy broker bond cost in Pennsylvania?
Pennsylvania electric generation service bonds are generally set in the amount of $250,000. New applicants must post $250,000 bonds, but the security level for each licensee will be reviewed after the first year to see if the amount can be modified based on the licensee’s reported annual gross receipts information. In some cases, a bond amount of $10,000 can be posted. Please verify with the Pennsylvania Public Utility Commission which bond amount you need.
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If you’re ready to purchase your bond, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. One of our experts will personally contact you to help facilitate bonding process. It’s that easy!
Why do I need this bond?
Energy generation service bonds ensure that the electric supplier will faithfully follow the stipulations of Chapter 74 of Title 15 of the Pennsylvania Consolidated Statutes (Generation Choice for Customers of Electric Cooperatives). The bond states that the supplier will not provide misinformation of any kind when supplying energy services to its customers. It also protects customers from damages suffered as a result of the supplier’s unethical and unlawful business practices.
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What’s the fine print?
This bond is required by the Commonwealth of Pennsylvania Public Utility Commission. Electric generation service bonds are set to expire on a date determined by the commission, but may be continued with the submission of a continuation certificate. The surety must give the commission at least 60 days’ notice prior to the cancellation of this bond.
How to start an electric generation service in Pennsylvania
Applications for an electric generation service license should be prepared on the form furnished by the commission. Please provide the following with your application:
- identity and contact information of applicants and predecessors
- attorney information, if applicable
- business entity name and address
- type of business entity
- applicant’s present operations
- applicant’s proposed operations, services and service area
- approximate start date
- surety bond
- proof of financial and technical fitness
- agreement of annual reporting of gross receipts and percentages of total electricity supplied by each fuel source
- tax certification statement
- affidavit, if applicable
- and more
At SuretyBonds.com, our team of bond specialists is always ready to answer any questions you might have. Apply for a free bond quote to speak with an expert right away. We approve 99% of applicants for the bond they need!
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