HI HB1512

Establishes performance-based regulation framework requiring the Public Utilities Commission to adopt incentives and conditions for regulated electric utility companies to meet long-term energy goals.

Increases renewable portfolio standards for electric utilities to 70% by December 31, 2035 and 100% by December 31, 2045, in addition to existing targets of 10% by 2010, 15% by 2015, 25% by 2020, and 40% by 2030.

Sets four performance criteria for electric utilities: compliance with renewable portfolio standards, equitable expansion of distributed generation, rate structures providing ratepayer cost control, and ratepayer cost reduction.

Addresses Hawaii's economic dependence on volatile imported fossil fuel prices by requiring utilities to reduce reliance on imported fuels and decrease long-term energy costs.

Effective date: January 1, 2112.