H.B. 337 Summary

• Requires the Public Utilities Commission to establish standards for each electric utility company to remove from the rate base a commensurate amount of costs related to fossil fuel resources when adding new or converted renewable electrical energy and renewable energy resources.

• Amends Hawaii Revised Statutes section 269-92 to add a new subsection (c) mandating the fossil fuel cost reduction requirement, while renumbering subsequent subsections accordingly.

• Appropriates funds from general revenues for fiscal years 2025-2026 and 2026-2027 to the Public Utilities Commission to establish the required standards (specific dollar amount left blank in bill text).

• Applies effective upon approval, with the appropriation taking effect on July 1, 2025.