HI HB337

Requires the Public Utilities Commission (PUC) to establish standards mandating electric utility companies remove a commensurate amount of fossil fuel-related costs from the rate base when adding new or converted renewable energy resources

Addresses concerns that ratepayers are paying for both new renewable energy resources and old fossil fuel resources that were expected to be replaced, creating financial burdens especially for lower-income residents

Amends Hawaii's renewable portfolio standards law (Section 269-92, Hawaii Revised Statutes) which sets targets of 40% renewable by 2030, 70% by 2040, and 100% by 2045

Appropriates an unspecified amount from general revenues for fiscal years 2025-2026 and 2026-2027 for the PUC to implement the new standards

Takes effect upon approval, with the appropriation section effective July 1, 2025