Senate Bill 368 Summary

• Requires electricity suppliers to supply increasing percentages of electricity from renewable energy resources, reaching 2% by 2012, 5% by 2014, 10% by 2018, 15% by 2020, 20% by 2024, and 25% by 2027.

• Defines eligible renewable energy resources including wind, solar, hydropower, methane systems, fuel cells, and demand-side energy efficiency programs, while excluding incineration of waste materials.

• Establishes the renewable energy resources fund to receive penalties of $50 per megawatt hour from suppliers failing to meet renewable energy standards, with funds supporting renewable energy development and manufacturing attraction.

• Directs the Indiana Economic Development Corporation to develop a strategy for attracting renewable energy manufacturing facilities, particularly wind turbine component manufacturers, to Indiana.

• Allows electricity suppliers to own or purchase renewable energy credits (RECs) to meet standards, with in-state generation receiving higher credit values than imported electricity.