The bill amends the "Affordable Clean Energy Security Act" to establish a new purpose statement that emphasizes a balanced approach to energy policy, encouraging affordable energy solutions for ratepayers. It introduces a definition for "emission reduction mitigation" related to carbon sequestration technologies and modifies the definition of "commercially reasonable." The bill specifies that in cases of conflict with the 2021 Act on Climate, the provisions of this chapter will prevail.

Additionally, the bill outlines the responsibilities of the Office of Energy Resources and the Public Utilities Commission in regional energy planning and procurement. It encourages participation in state, multistate, or regional renewable energy resources while ensuring that such resources are commercially reasonable and affordable to ratepayers. The bill mandates that large-scale hydroelectric power shall not be eligible under the renewable energy standard and establishes that any natural gas infrastructure or capacity procured utilizing emissions reduction mitigation will count towards statewide greenhouse gas emission reduction goals.

The commission is required to determine the adequacy of renewable energy supplies annually and publish its findings. It must also provide a thirty-day public comment period and seek input from the ratepayer's advisory board before making project determinations. The commission's decisions will consider the expected greenhouse gas emissions and environmental impacts of proposed projects, ensuring they align with greenhouse gas reduction goals and do not harm the economic growth of the state.