SB688: Relating to performance-based regulation of electric utilities.

Legislative Summary

Allows the PUC to make a framework to reward or penalize power companies based on how well they perform. Gives money to the PUC to make the framework. (Flesch Readability Score: 68.7). [Digest: Tells the PUC to reward or penalize power companies based on how well the companies meet certain metrics. Tells the PUC to report on how well the companies are doing. (Flesch Readability Score: 70.3).] [Directs] Allows the Public Utility Commission to adopt [not later than January 2, 2027,] a framework for carrying out performance-based regulation of electric [utilities. Requires the] companies and use [of] incentives and penalties to induce electric [utilities] companies to bring electric utility operations in line with the public interest and certain objectives. Declares a public interest for purposes of the Act. [Requires the commission to provide a report on the framework adopted by the commission to the interim committees or committees of the Legislative Assembly related to energy not later than March 15, 2027.] [Requires the commission to provide a report on the progress and effectiveness of using performance-based regulation to the interim committees or committees of the Legislative Assembly related to energy not later than November 15, 2028.] Appropriates moneys to the commission for implementing performance-based regulations.