The bill amends the "Affordable Clean Energy Security Act" to establish a new purpose statement that emphasizes a balanced approach to energy policy, aiming to advance affordable energy objectives while ensuring that its provisions take precedence over the "2021 Act on Climate" (chapter 6.2 of title 42) in case of any conflicts. It modifies the definition of "commercially reasonable" and introduces a new definition for "emission reduction mitigation," which pertains to carbon sequestration technologies recognized by the U.S. Environmental Protection Agency or the Office of Energy Resources.

The bill outlines the responsibilities of the Office of Energy Resources in regional energy planning, specifically to identify and participate in the development of regional or multistate emissions reduction mitigation strategies. It encourages electric and gas distribution companies to participate in state, multistate, or regional renewable energy resources, while clarifying that participation is not mandatory if such resources are not commercially reasonable and affordable to ratepayers. The bill also specifies that any natural gas infrastructure or capacity procured that utilizes emissions reduction mitigation will count towards statewide greenhouse gas emission reduction goals.

Additionally, the Public Utilities Commission is tasked with determining the adequacy of renewable energy supplies annually and must publish its findings. The commission is required to provide a thirty-day public comment period on proposed energy projects, during which input from the ratepayer's advisory board must be sought. The commission must also hold at least one public hearing to gather feedback on proposed projects and certify that these projects align with greenhouse gas reduction goals and do not conflict with the provisions of the act. The act will take effect upon passage, facilitating multistate emissions reduction strategies while maintaining voluntary commitments from electric or gas distribution companies.