The bill amends the Clean and Renewable Energy and Energy Waste Reduction Act by updating the renewable energy credit portfolio requirements for electric providers. Specifically, it mandates that electric providers achieve a renewable energy credit portfolio of at least 15% through 2029, 50% from 2030 to 2034, and 60% from 2035 onward. The bill also outlines the calculation methods for determining compliance with these standards and introduces provisions for cooperative and multistate electric providers to calculate their requirements based on specific criteria. Additionally, it allows for the substitution of energy waste reduction credits for renewable energy credits under certain conditions and establishes a financial incentive for regulated electric providers entering into contracts for renewable energy resources.

Furthermore, the bill includes new provisions that allow electricity generated from reciprocating internal combustion engines, which are used to retire coal-fired generation in the Upper Peninsula before February 27, 2024, to count towards compliance with renewable energy credit portfolio standards. It also provides a framework for electric providers to petition for extensions on compliance deadlines under specific circumstances, ensuring that the commission must notify legislative leaders if additional extensions are granted. The bill aims to enhance the state's renewable energy goals while providing flexibility and support for electric providers in meeting these standards.