HB 1515 Summary

• Defines "savings" as occurring when substitute natural gas (SNG) purchase prices are less than the average market price of natural gas over a three-year period.

• Defines "shortfall" as occurring when SNG purchase prices exceed the average market price of natural gas over a three-year period.

• Requires the Indiana Finance Authority (IFA) to submit final purchase contracts, amendments, and any other agreements with SNG producers to the Indiana Utility Regulatory Commission (IURC) for approval.

• Mandates the IFA evaluate customer savings or shortfalls on a three-year cycle and report findings to the IURC, which must verify findings and order producers to refund any shortfall amounts to customers within 60 days.

• Grants regulated energy utilities the right to enforce purchase contracts as third-party beneficiaries.