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Energy industries

BP Energy Company Submits Supplement to Market Power Update for Central Region

Strategic Insights

— 1 min read

BP Energy Company, in conjunction with its affiliate companies, has filed a supplemental market power update for the Central region with the Federal Energy Regulatory Commission (FERC). The submission, dated July 1, 2024, aims to provide additional information to identify all intermediate companies in the upstream ownership chains of the companies involved. This update comes as part of the triennial market power update for the Central region, filed on the same date.

Key Takeaways:

  • BP Energy Company is a direct, wholly owned subsidiary of BP Corporation North America Inc. (BPCNA), which is a direct, wholly owned subsidiary of BP America Inc. (BP America), ultimately owned by BP p.l.c. (BP).
  • None of the companies listed own or control 10% or more of the voting securities of BP, nor do they have the right to appoint a non-independent director to the board of directors of BP.
  • BP is the ultimate upstream affiliate (UUA) for all six companies: BP Energy, BP Energy Retail Company LLC, BP Energy Retail Company California LLC, Collegiate Clean Energy, LLC, Innovative Energy Systems, LLC, and Whiting Clean Energy, Inc.
  • Each of the six companies is involved in the production and sale of energy in the Central region, and their upstream ownership structures were detailed in the supplemental submission.
  • The six companies have provided additional information to identify all intermediate companies in their upstream ownership chains.

Statistics:

  • 18 C.F.R. § 35.36(a)(10) defines an ultimate upstream affiliate as the furthest upstream affiliate in the ownership chain.
  • 10% or more of the voting securities of BP is required for an entity or individual to be considered a non-independent director to the board of directors of BP.
  • 6 companies have filed the supplemental market power update: BP Energy, BP Energy Retail Company LLC, BP Energy Retail Company California LLC, Collegiate Clean Energy, LLC, Innovative Energy Systems, LLC, and Whiting Clean Energy, Inc.

Sources:

  • BP Energy Company, [July 1, 2024], Docket Nos. ER10-1790-024, ER14-2672-025, ER12-1825-038, ER13-33-009, ER11-2041-019, ER11-3325-007.
  • U.S. Code of Federal Regulations, [regulations.gov], 18 C.F.R. § 35.36.

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