The proposed Substitute Senate Bill No. 1560 aims to tackle the energy affordability crisis in Connecticut by establishing the Connecticut Energy Procurement Authority (CEPA). This new authority will oversee electricity procurement strategies, grid infrastructure investments, and consumer engagement to reduce electric system costs. The bill highlights the inefficiencies in the current procurement process and the rising electricity rates affecting households and businesses. It introduces various policies to enhance affordability, including promoting electrification, developing electric vehicle infrastructure, and implementing smart meters for dynamic pricing. Key provisions include the establishment of a board of directors for CEPA, the creation of the Electric Rate Stabilization Fund to mitigate cost fluctuations, and the introduction of time-of-use rate structures to encourage off-peak electricity usage.

Additionally, the bill modifies existing laws by repealing the systems benefits charge and transferring funding responsibilities to the newly created Green Bond Fund, which is authorized to issue up to $2.4 billion in general obligation bonds. It reclassifies all nuclear generating facilities as Class I renewable energy sources and mandates electric distribution companies to implement advanced metering systems and time-of-use rates by specified deadlines. The bill also emphasizes the importance of transparency and accountability in CEPA's operations, requiring annual reports to the General Assembly and biennial forensic audits. Overall, the legislation seeks to create a more efficient and cost-effective electric system in Connecticut while promoting sustainability and economic growth.

Statutes affected:
Raised Bill: 16-245l, 16-243h, 16-243v, 16-243n, 16-243w, 16-245e, 16-245g, 16-245i, 12-412
FIN Joint Favorable: 16-245l, 16-243h, 16-243v, 16-243n, 16-243w, 16-245e, 16-245g, 16-245i, 12-412
File No. 902: 16-245l, 16-243h, 16-243v, 16-243n, 16-243w, 16-245e, 16-245g, 16-245i, 12-412