Senate Bill 453 Summary

• Requires electricity suppliers to obtain specified percentages of electricity from renewable energy resources, increasing from 1% by December 31, 2011, to 15% by December 31, 2022.

• Establishes the renewable energy resources fund to receive penalties from electricity suppliers that fail to meet renewable energy requirements, with penalties set at $50 per megawatt hour of shortfall.

• Defines eligible renewable energy resources including wind, solar, hydropower, geothermal systems, methane systems, and energy efficiency measures, but excludes waste incineration and out-of-state feedstock sources.

• Allows electricity suppliers to use renewable energy credits (RECs) to demonstrate compliance, with bonus multipliers for in-state generation and equipment, and limits cost recovery to customers at 2-4% of their electric bill depending on the time period.

• Requires the utility regulatory commission to report by April 1, 2016, on the effectiveness of and industry compliance with the renewable energy standard, and establishes the Indiana Economic Development Corporation to administer the renewable energy resources fund.