The bill proposes the creation of the Energy Storage Systems Act within Title 39 of the Rhode Island General Laws, aiming to promote the development and integration of energy storage systems into the state's electric power system. It recognizes the need for an interconnection tariff that accounts for the unique flexibility of energy storage systems and mandates the public utilities commission to develop a framework for such a tariff by September 1, 2024, with a model tariff to be established by May 1, 2025. The commission is also required to conduct a market survey every three years to evaluate the capabilities of storage technologies. Additionally, the bill authorizes the commission to hire consultants to assist with the implementation of the act, with costs assessed to certain electric distribution companies.

The bill amends the "Long-Term Contracting Standard for Renewable Energy" to include incentives for electric distribution companies entering into long-term contracts for renewable energy resources, with varying rates of financial remuneration depending on the date of contract approval. It also introduces a new section, "39-26.1-10. Energy storage programs," which sets targets for energy storage capacity deployment by specific years, with the Rhode Island infrastructure bank responsible for developing programs to meet these goals. The bank is empowered to use various funding sources to provide financial support for the deployment of energy storage systems, focusing on different classes of electric customers. The act will be effective upon passage, and local distribution companies serving over 100,000 customers are excluded from receiving financial support under this section.

Statutes affected:
7811  as amended: 39-26.1-4