The proposed bill seeks to amend Arkansas energy law by establishing a comprehensive state energy policy that focuses on maintaining an adequate, affordable, reliable, and resilient electric generation and transmission system. It introduces a new section, 15-10-103, which emphasizes the removal of barriers to diverse energy development, the promotion of local energy resources, and the need for a secure supply chain. The bill also encourages streamlined regulatory processes and collaboration with federal agencies to expedite energy-related actions, thereby enhancing the overall energy landscape in Arkansas.

Additionally, the bill adds a new subchapter, 23-18-1301, which specifically addresses the retirement of dispatchable electric generation facilities of 100 megawatts or larger. It establishes a rebuttable presumption against such retirements, requiring public utilities to seek approval from the Arkansas Public Service Commission, which must consider factors like reliability and costs to ratepayers. The bill mandates annual reporting on retirement applications and their implications, ensuring transparency. It also includes an emergency clause, highlighting the urgent need to address the ongoing retirement of essential electric generating resources to protect employment, tax revenue, and utility rates, with the act taking effect immediately upon approval or after the veto period.