SB2199 Summary

• Establishes renewable portfolio standard goals requiring electric utilities to source 70% of net electricity sales from renewable energy by December 31, 2040, and 100% by December 31, 2050

• Adds exemption allowing utilities to deviate from 2040 and 2050 renewable standards if acquiring sufficient renewable energy is not economically beneficial to Hawaii compared to fossil fuel alternatives

• Requires Public Utilities Commission to evaluate renewable portfolio standards every five years and assess the impact of these standards on renewable energy developer pricing

• Specifies that "events or circumstances outside utility control" justifying deviation from standards may include inability to acquire cost-effective renewable energy for the 2040 and 2050 goals

• Becomes effective July 1, 2050