Bill > H4336

This bill aims to promote energy diversity by requiring distribution companies, which are entities that deliver electricity to consumers, to competitively solicit proposals for offshore wind energy generation and clean energy generation resources, including those that utilize firm service hydroelectric generation. "Firm service hydroelectric generation" refers to hydropower that is guaranteed to be available without interruption for a contracted period, and "clean energy generation" includes this type of hydropower or new renewable energy sources that are supported by it. The bill mandates that distribution companies enter into cost-effective long-term contracts, typically for 15 to 20 years, to finance these new energy resources, with specific targets for offshore wind capacity to be contracted by June 30, 2027. The process involves joint proposals from distribution companies and the Department of Energy Resources, subject to approval by the Department of Public Utilities, and includes provisions for an independent evaluator to ensure fairness and transparency in the solicitation and bid selection process. The bill also allows for the incorporation of transmission costs into proposals and outlines how the costs and benefits of these new energy contracts will be managed and reflected in customer rates.