The proposed legislation, General Assembly Raised Bill No. 7016, aims to enhance energy capital improvements in Connecticut by allowing third-party developers to participate in energy programs and establishing a municipal electric grid modernization grant program. The bill repeals and replaces Section 16-244dd of the general statutes, removing references to specific renewable energy programs and instead allowing the Public Utilities Regulatory Authority to select various entities, including the Connecticut Green Bank and electric distribution companies, to implement any ratepayer-funded clean energy, renewable energy, or electric grid modernization programs. Additionally, Section 16-244z is amended to permit the authority to select appropriate third parties for program implementation.

Furthermore, the bill introduces a new section that empowers the State Bond Commission to authorize the issuance of bonds to fund the municipal electric grid modernization program. The proceeds from these bonds will provide grants to municipalities that own and operate electric utilities and seek to modernize their grid infrastructure. Municipalities can apply for these grants through the Office of Policy and Management, which may set additional requirements for grant eligibility. The bonds issued will be general obligations of the state, ensuring that the full faith and credit of Connecticut back their repayment. The act is set to take effect on July 1, 2025.

Statutes affected:
Raised Bill: 16-244dd, 16-244z