SCS/SB 374 - This act modifies provisions relating to the current renewable energy standard. Under this act, energy that meets the criteria of the renewable energy portfolio requirements under this act and contracted for by an accelerated renewable buyer must do the following:
(1) Have all associated renewable energy certificates retired by the accelerated renewable buyer and the certificates shall not be used to meet the electric utility's portfolio requirements under in the act;
(2) Be excluded from the total electric utility's sales used to determine the portfolio requirements under the act;
(3) Be used to offset all or a portion of its electric load to determine compliance with the portfolio requirements under the act.
This act defines an "accelerated renewable buyer" as a customer of an electric utility, with an aggregate load of over 100 average megawatts, who enters into a contract to obtain renewable energy certificates from renewable energy sources or energy sources described in the act.
Under this act, the accelerated renewable buyer shall be exempt from any renewable energy standard compliance costs as established by the utility and approved by the Public Service Commission under the act.
Under this act, each electric utility shall certify, and verify as necessary, to the Commission that the accelerated renewable buyer has satisfied the exemption requirements under the act. The accelerated renewable buyer may also certify the exemption requirements to the Commission individually.
Provisions under the act apply to electric utilities with more than 250,000 but less than one million retail customers as of 2022.
This act is identical to a provision in HCS/SB 275 (2023) and HCS/HB 1293 (2023).
JULIA SHEVELEVA