AK SB149

Establishes a renewable portfolio standard requiring load-serving entities connected to electric reliability organizations to generate 40% of electricity from renewable sources by December 31, 2030, and 55% by December 31, 2035

Provides compliance incentives including a 1.25x multiplier for wind projects operational before January 1, 2033 with at least 100 megawatts capacity, and a 2.0x multiplier for electricity from distributed energy systems

Imposes a $45 per megawatt hour noncompliance fine (adjusted annually for inflation) on entities failing to meet the standard, with waivers available for circumstances outside reasonable control such as natural disasters, weather damage, or global pandemics

Creates a renewable electricity credit system allowing credits to be traded, sold, or transferred, with credits expiring one year after creation and usable only once

Exempts renewable energy projects from commission preapproval requirements for large energy facilities, and excludes revenue from renewable electricity credit sales from power cost equalization calculations