The bill amends the Clean and Renewable Energy and Energy Waste Reduction Act to establish new renewable energy credit portfolio requirements for electric providers in Michigan. 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% starting in 2035. The calculation of the renewable energy credit portfolio must now use the term "must" instead of "shall" in several instances, emphasizing the obligation of electric providers to meet these standards. Additionally, the bill outlines specific methods for calculating the portfolio, including options for determining the number of megawatt hours sold and the treatment of nuclear energy in the calculations.

Furthermore, the bill introduces provisions for electric providers to meet their renewable energy credit standards through various means, including generating electricity from renewable sources, purchasing renewable energy, and acquiring renewable energy credits. It also allows for the substitution of energy waste reduction credits for renewable energy credits under certain conditions, with a cap on the percentage that can be substituted. The bill includes a financial incentive mechanism for electric providers entering into purchase power agreements for renewable energy resources, ensuring that the financial calculations are updated based on the commission's determinations in rate cases. Overall, the amendments aim to strengthen Michigan's commitment to renewable energy and energy efficiency.

Statutes affected:
House Introduced Bill: 460.1028