This bill amends existing laws concerning carbon dioxide emissions and energy procurement, particularly in relation to the Regional Greenhouse Gas Initiative (RGGI) and nuclear energy regulations. It introduces a reduction in carbon dioxide emissions budget allowances for the years 2027 through 2030, with specific new allowance figures set at 2,993,220 for 2027, 2,619,068 for 2028, 2,244,915 for 2029, and 1,870,763 for 2030 and beyond. Additionally, the bill establishes cost containment allowances for sale at designated auction prices, repeals definitions related to early reduction and offset allowances, and expands the responsibilities of the coordinator of nuclear development to include oversight of nuclear incentive programs and public safety outreach.

Furthermore, the bill extends the deadline for electric distribution utilities to issue requests for proposals for multi-year energy agreements from 2025 to 2040, allowing procurement from both existing and new electric energy sources. It defines "advanced nuclear reactor" and sets specific procurement limits, including a cap of 2 million megawatt hours for advanced nuclear reactors. Notably, the bill allows for the procurement of an additional 1 million megawatt hours of electric energy from various sources, raising the total allowable procurement to 3 million megawatt hours annually statewide. The new provisions are set to take effect 60 days after passage, with an effective date of September 13, 2026. There are no deletions from current law mentioned in the text.

Statutes affected:
Introduced: 125-O:20, 125-O:21, 125-O:22
As Amended by the Senate: 125-O:20, 125-O:21, 125-O:22, 162-B:4, 362-A:9, 374-F:2, 374-F:11
Version adopted by both bodies: 125-O:20, 125-O:21, 125-O:22, 162-B:4, 374-F:2, 374-F:11
CHAPTERED FINAL VERSION: 125-O:20, 125-O:21, 125-O:22, 162-B:4, 374-F:2, 374-F:11
HB1738 text: 125-O:20, 125-O:21, 125-O:22