AK HB247

Amends AS 42.45.085(d) to change surplus fund distribution language from "appropriation" to "appropriations made" when fund earnings exceed current fiscal year appropriations.

Allows the legislature to appropriate 70 percent of surplus earnings as follows: if less than $30,000,000, direct the amount to community revenue sharing or assistance fund; if $30,000,000 or more, allocate $30,000,000 to community revenue sharing or assistance fund and up to $25,000,000 remaining to renewable energy grants, bulk fuel revolving loans, rural power system upgrades, bulk fuel upgrades, or a combination thereof.

Adds new subsection (e) allowing the legislature to appropriate fund earnings exceeding appropriations under subsection (a) for renewable energy projects serving areas with eligible electric utilities.

Requires the authority to develop a methodology for prioritizing grant applications under the new renewable energy project provision.

Mandates the authority submit a report to the legislature within 10 days after the first day of each regular legislative session summarizing grant applications and recommendations for awarding grants under the renewable energy projects provision.