The bill amends Section 39-26.1-4 of the General Laws to enhance financial remuneration and incentives for electric distribution companies that enter into long-term contracts for newly developed renewable energy resources. It establishes that these companies are entitled to financial remuneration exceeding their base rate revenue requirement, with annual compensation set at 2.75% for contracts approved before January 1, 2022, and up to 1.0% for contracts approved on or after that date. The bill removes the previous limitation that barred financial remuneration for contracts approved after January 1, 2027, allowing such remuneration to be granted with commission approval if the company can demonstrate additional risk.

Furthermore, the bill introduces new provisions under Section 39-31-4, outlining the responsibilities of the office of energy resources in regional energy planning, including participation in competitive solicitations for electric transmission projects and identifying natural gas pipeline infrastructure to enhance energy reliability. It also allows public utility companies to voluntarily engage in state and regional energy procurement efforts, while removing restrictions on large-scale hydroelectric power's eligibility under the renewable energy standard. The public utilities commission is mandated to hold public hearings and issue written orders regarding contract approvals, ensuring transparency and accountability in the energy procurement process. The bill also includes a severability clause and provisions for the reliable transmission of nuclear power, aiming to strengthen the financial framework for renewable energy projects while safeguarding the interests of electric distribution companies.

Statutes affected:
5575: 39-26.1-4