This bill is reported out by the Joint Standing Committee on Energy, Utilities and Technology pursuant to Public Law 2021, chapter 390 and Joint Order, S.P. 747 for the sole purpose of obtaining a printed bill that can be referred to the committee. The bill establishes the Distributed Generation and Energy Storage System Program. Under the program, the Public Utilities Commission, beginning in 2024, is directed to seek to procure distributed generation resources paired with energy storage systems, called combined projects. By 2028 the commission is directed to procure combined projects that will have a capacity to generate an amount of electric energy that is, as close as possible, equal to 7% of the total megawatts of electricity load in this State minus any amount of capacity in excess of 750 megawatts that is procured through current net energy billing programs. The commission is directed to procure at least 70% of this amount through a competitive procurement process resulting in power purchase agreements. The commission is directed to procure up to 30% of the amount from community-owned projects through an open enrollment process resulting in standardized power purchase agreements with prices set in relation to the winning bids under the competitive procurement. A contract with a combined project under the program must be for both the energy from the project and renewable energy credits associated with that energy. The renewable energy credits purchased under the program must be monetized and applied to benefit transmission and distribution utility ratepayers.