The proposed bill seeks to amend Arkansas energy law by establishing a comprehensive state energy policy and regulating the retirement of dispatchable electric generation facilities. It introduces a new section under Arkansas Code Title 15, Chapter 10, which emphasizes the state's commitment to maintaining an adequate, affordable, reliable, and resilient electric generation and transmission system. The bill aims to remove policy barriers to diversify the electric generation portfolio, promote energy independence, and enhance training and education programs related to energy. Additionally, it encourages streamlined regulatory processes and collaboration with federal agencies to expedite energy-related actions.

Moreover, the bill adds a new subchapter under Arkansas Code Title 23, Chapter 18, which specifically addresses the retirement of dispatchable electric generation facilities of 100 megawatts or larger. It establishes a rebuttable presumption against the retirement of such facilities, requiring public utilities to seek approval from the Arkansas Public Service Commission before proceeding with any retirement. The commission must evaluate various factors, including the impact on the reliability and resilience of the power grid and potential cost implications for ratepayers. The bill also includes an emergency clause, highlighting the urgency of managing the retirement of electric generating resources to mitigate negative impacts on employment, tax revenue, and utility rates, and it will take effect upon approval by the Governor.