HI HB2566

Amends Section 269-27.2 of Hawaii Revised Statutes to require the Public Utilities Commission to establish a methodology for determining just and reasonable rates for nonfossil fuel-generated electricity that removes or significantly reduces linkage to fossil fuel prices.

Mandates the Commission's methodology consider fuel price volatility impacts on electricity rates, fuel supply reliability risks, greenhouse gas emissions, and distributed generation effects on grid systems.

Requires consideration of the State's renewable portfolio standards and Hawaii's long-term objective of energy self-sufficiency when setting rates for nonfossil fuel electricity.

Allows the Commission to include adjustment mechanisms in rates linked to consumer price indices for inflation or other acceptable adjustment mechanisms.

Takes effect on July 1, 2050.