IP Energy Marketing, LLC Seeks Market-Based Rate Authority Amendment

Strategic Insights -

IP Energy Marketing, LLC (IPEM) has submitted an amendment to its Application for Market-Based Rate Authority and Requests for Waivers and Blanket Authorizations to the Federal Energy Regulatory Commission (FERC). The amendment addresses comments from FERC staff regarding the Ultimate Upstream Affiliate, Sheldon Kimber, and requests a shortened comment period and expedited action on the market-based rate tariff.

IPEM, a wholly-owned subsidiary of Intersect Power, LLC, seeks to amend its application in response to FERC staff's letter requesting additional information about Kimber's business activities. IPEM affirms that Kimber does not own or control any energy assets in North America and does not serve as a non-independent director of any entity with energy assets in North America.

The amendment also requests a shortened comment period of no more than seven days and asks for issuance of a FERC order by September 18, 2025, accepting the market-based rate tariff to become effective August 20, 2025.

Key Takeaways:

  • IP Energy Marketing, LLC (IPEM) has submitted an amendment to its Application for Market-Based Rate Authority and Requests for Waivers and Blanket Authorizations to FERC.
  • The amendment addresses comments from FERC staff regarding the Ultimate Upstream Affiliate, Sheldon Kimber, and provides additional information about his business activities.
  • IPEM affirms that Kimber does not own or control any energy assets in North America and does not serve as a non-independent director of any entity with energy assets in North America.
  • The amendment requests a shortened comment period of no more than seven days and asks for issuance of a FERC order by September 18, 2025, accepting the market-based rate tariff to become effective August 20, 2025.
  • Good cause exists for granting the requested waiver because IPEM's original Application was filed 60 days prior to the requested effective date and before commencement of service.
  • Applicant is affiliated with its upstream ownership, IP Energy Marketing HoldCo, LLC, but has no affiliation with other entities that own or control energy assets in North America.
  • IPEM's ownership structure includes five classes of ownership interests, with no person or entity owning or controlling more than 10% of any class.

Statistics:

  • 60.1% of IP Holdings' Preferred Units are owned by TPG Rise Idaho, L.P.
  • 21.6% of IP Holdings' Preferred Units are owned by CAI Co-Invest IP Fund Aggregator LP and its affiliate, CAI Co-Invest IP Fund III LP.
  • 10.7% of IP Holdings' Preferred Units are owned by Google LLC.
  • 34.6% of IP Holdings' Class B Units are owned by affiliates of Trilantic Capital Management L.P.
  • 58.3% of IP Holdings' Common Units are owned by CAI Co-Invest Dedicated LP and its affiliate CAI Co-Invest IP Fund LP.
  • 41.7% of IP Holdings' Common Units are owned by CVI Crossroads Holdings LP.

Sources:

  • IP Energy Marketing, LLC, Docket No. ER25-2561-___ Amendment to Application for Market-Based Rate Authority and Requests for Shortened Comment Period and Expedited Action (filed August 19, 2025).
  • IP Energy Marketing, LLC, Docket No. ER25-2561-000 (issued August 18, 2025) ("Staff Letter").
  • Staff Letter at 1-2.
  • 18 C.F.R. SS 35.37(a)(2).
  • Duke Power Co., 57 FERC P 61,215 (1991).
  • Certificate of Service dated August 19, 2025.