The bill amends Arkansas law to establish a comprehensive state energy policy aimed at ensuring adequate, reliable, affordable, sustainable, and clean energy resources. It introduces a new section under Arkansas Code Title 15, Chapter 1, which outlines the state's commitment to promoting both nonrenewable and renewable energy resources, including natural gas, coal, solar, wind, and nuclear power technologies. The policy emphasizes the importance of energy conservation, efficiency, and environmental quality while allowing market forces to guide energy resource utilization. Additionally, it encourages the development of infrastructure to support energy production and aims to enhance the state's energy independence.

Furthermore, the bill addresses coal-powered electrical generation facilities by requiring project entities to notify the Legislative Council at least 180 days prior to the decommissioning or disposal of assets. It defines key terms related to energy generation and establishes a framework for the state's response to federal regulations that may lead to the forced retirement of electrical generation facilities. A study will also be conducted by the Department of Energy and Environment to evaluate the continued operation of existing coal-powered facilities, assess environmental regulations, and explore economic opportunities. The findings and recommendations from this study are to be reported to the Joint Committee on Energy and the Legislative Council by September 2024.