AK SB26

Establishes a power cost reduction fund in the Department of Commerce, Community, and Economic Development to provide monthly $62.50 payments to offset residential electric charges, funded by additional oil and gas tax revenue.

Payments available to households through utilities, direct application for non-utility customers, and rent credits for renters, with only one payment per residence per month.

Excludes power cost reduction payments from income and resource calculations for public assistance programs unless required by federal law, and provides state-funded medical assistance for those denied federal Medicaid solely due to receiving payments.

Creates the Alaska Energy Council with legislative and gubernatorial appointees to develop an energy plan addressing residential housing and rural communities' energy needs, due February 1, 2011.

Program takes effect July 1, 2009; entire act repeals July 1, 2012; Regulatory Commission of Alaska has no jurisdiction over the program.