HI SB120

Authorizes the Public Utilities Commission to establish a policy implementing economic incentives and cost recovery regulatory mechanisms for electric utilities.

Aims to induce and accelerate electric utilities' cost reduction efforts through incentive-based regulation.

Encourages greater utilization of renewable energy and accelerates retirement of utility fossil fuel electric generation infrastructure.

Increases investments to modernize Hawaii's electrical grid through incentive mechanisms.

Committee on Energy & Environmental Protection recommends passage and referral to Committee on Consumer Protection & Commerce.