Bill > SB01560

This bill establishes the Connecticut Energy Procurement Authority, a new state agency designed to address electricity affordability and grid efficiency. The bill creates several key mechanisms to achieve this goal, including the establishment of the Electric Rate Stabilization Fund and the Energy Infrastructure Transition Fund. The authority will be responsible for developing strategies to reduce electricity costs, including mandating time-of-use rates that charge significantly higher prices during peak evening hours, promoting electrification of transportation and heating systems, and implementing smart meter infrastructure. The bill also redefines "Class I renewable energy source" to include electricity generated by nuclear power facilities in the state and proposes to remove federally mandated congestion charges from consumer electric bills. The Green Bond Fund will be used to fund various energy-related programs and infrastructure investments, with an annual expenditure limit of $800 million. The new authority will have a seven-member board appointed by various state leaders, each with specific expertise in energy and infrastructure. The bill aims to create a more efficient electric system by aligning procurement, grid operations, and customer behavior to reduce costs, improve reliability, and support decarbonization efforts.

Budget and Finance

Finance, Revenue and Bonding Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01560&which_year=2025