Raised Bill No. 1560 seeks to address the energy affordability crisis in Connecticut by establishing the Connecticut Energy Procurement Authority, which will oversee electricity procurement strategies, grid infrastructure investments, and consumer engagement to lower electric system costs. The bill emphasizes the need for policies that enhance affordability, reliability, and decarbonization, utilizing customer data to develop dynamic pricing and competitive market tools. It also introduces the Electric Rate Stabilization Fund to manage cost volatility and mandates the creation of time-of-use rate structures to encourage off-peak electricity usage. Key definitions related to the authority's operations are established, and a board of directors is formed to oversee its functions.

Additionally, the bill modifies existing laws regarding the procurement of electric generation services and the management of the Green Bond Fund. It repeals certain provisions related to the systems benefits charge and replaces them with funding from the Green Bond Fund, which will support various energy efficiency and assistance programs. The bill also updates the definition of "Class I renewable energy source" to include nuclear power facilities and introduces new requirements for electric distribution companies regarding billing formats and transparency. Overall, Raised Bill No. 1560 aims to enhance the efficiency and sustainability of Connecticut's electric utility framework while promoting renewable energy sources and improving customer understanding of their electric bills.

Statutes affected:
Raised Bill: 16-245l, 16-243h, 16-243v, 16-243n, 16-243w, 16-245e, 16-245g, 16-245i, 12-412