The bill establishes a new section in Wyoming law regarding the procurement of significant energy resources by affected electrical utilities, which are defined as public utilities with a specified number of retail customers. It mandates that these utilities must conduct a commission-approved solicitation process to acquire or construct significant energy resources after July 1, 2024, unless they have already issued a solicitation prior to that date. The bill outlines the requirements for the solicitation process, including public hearings, considerations for public interest, and the commission's authority to approve, modify, or reject proposed processes within a specified timeframe.

Additionally, the bill provides a waiver process for utilities under certain conditions deemed to be in the public interest, such as emergencies or time-sensitive opportunities. It requires the commission to adopt rules for this waiver process, including the involvement of independent evaluators to ensure fairness and compliance. The independent evaluators will monitor the solicitation process and report their findings to the commission. The act is set to take effect on July 1, 2024.