The bill amends Section 39-26-4 of the General Laws concerning the Renewable Energy Standard in Rhode Island. It establishes a schedule for obligated entities to obtain a progressively increasing percentage of their retail electricity sales from eligible renewable energy resources, starting with six percent (6%) in 2035 and escalating to a target of one hundred percent (100%) by 2043. The new schedule includes an additional seven percent (7%) of retail electricity sales in 2036 and 2037, seven and one-half percent (7.5%) in 2038, eight percent (8%) in 2039, eight and one-half percent (8.5%) in 2040, nine percent (9%) in 2041, and nine and one-half percent (9.5%) in 2042.

The bill also outlines provisions for compliance, including the use of NE-GIS certificates to demonstrate adherence to renewable energy standards and allows for alternative compliance payments to a renewable energy development fund. Additionally, it specifies that retail electricity sales from nonregulated power producers under contracts executed before July 1, 2022, must meet an additional one and one-half percent (1.5%) requirement annually while being exempt from the new compliance percentages until the contract's end. The act is set to take effect upon passage.

Statutes affected:
5820: 39-26-4