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 authority will oversee electricity procurement strategies, grid infrastructure investments, and consumer engagement to lower electric system costs. Key provisions include the creation of a board of directors with members appointed by state leaders, the introduction of definitions for terms like "demand charge" and "smart meter," and the establishment of the Electric Rate Stabilization Fund to mitigate cost fluctuations. The bill also mandates the adoption of smart meters and time-of-use rates, with a focus on enhancing electrification strategies and improving the efficiency of the electric system. The bill is set to take effect on July 1, 2025.

Additionally, the bill introduces significant amendments to existing laws, including the repeal of the systems benefits charge and the establishment of the Green Bond Fund to finance various energy programs. It allows for the issuance of up to $2.4 billion in general obligation bonds to support these initiatives. The bill also modifies the funding mechanisms for energy assistance programs, ensuring that costs associated with storm recovery and stranded costs can be financed through rate reduction bonds. Furthermore, it emphasizes the importance of transparency and accountability in the authority's operations, requiring annual reports and public engagement in decision-making processes. Overall, the bill seeks to enhance the affordability, reliability, and sustainability of Connecticut's electric system while promoting advanced technologies and infrastructure improvements.

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