The bill introduces the "Home Heating Greenhouse Gas Emissions Reduction Act," which creates a new chapter in Title 39 of the General Laws. It establishes a gas transition customer trust fund managed by the Rhode Island infrastructure bank, aimed at supporting the replacement of gas appliances with electric ones and upgrading infrastructure to enable low-income consumers to connect to non-emitting renewable thermal infrastructure projects. The bill sets caps on compensation for these upgrades and authorizes the Rhode Island infrastructure bank to issue gas transition bonds, payable from the fund, to finance plans proposed by gas companies. These bonds will not be considered a debt of the state or any political subdivision.

Additionally, the bill outlines the conditions under which the commission must approve a gas company's plan to use gas transition bonds, including a requirement that the bonds fund at least 65% of the project and have a high credit rating. It prioritizes low-income consumers and mandates annual reports from gas companies on the use of gas transition bonds, detailing costs, savings, and environmental and public health impacts. The bill also prohibits public utilities from including certain advertising expenses in their base rates and establishes charges to fund demand-side management and renewable energy programs. The Rhode Island commerce corporation is involved in the administration of these programs, and the bill includes provisions for the continuation of special rates for low-income customers. The bill would take effect upon passage.

Statutes affected:
5623: 39-2-1.2