FL S1336

Eliminates the requirement for the Public Service Commission to adopt renewable portfolio standard rules and removes the renewable energy credit (REC) system definition.

Allows electric utility providers to build Florida renewable energy resources, convert existing fossil fuel plants to renewable energy, or purchase renewable energy with full cost recovery through the environmental cost-recovery clause.

Permits providers to exceed fully avoided cost limitations up to 2 percent of retail electricity revenue in 2011-2012, 3 percent in 2013, and 4 percent in 2014 and thereafter, with costs averaged over the economic life of the resource.

Provides an additional return on equity of at least 50 basis points above the authorized rate if a majority of energy-producing components are manufactured or assembled in Florida.

Amends environmental compliance cost definitions to include costs for complying with any federal or state law requiring utilities to provide electricity from renewable energy sources.