Senate Bill 510 Summary

• Defines "business day" as any day other than Saturday, Sunday, or legal holidays for purposes of substitute natural gas (SNG) contract provisions.

• Amends the definition of "purchase contract" to distinguish between contracts entered before January 15, 2011 and those entered after January 14, 2011, with the latter requiring a defined "savings" guarantee for retail customers.

• Requires the Indiana Finance Authority to submit final SNG purchase contracts and any related agreements to the Indiana Utility Regulatory Commission (IURC) for approval, rejection, or modification if in the public interest.

• Establishes that the IURC must issue a final order within 180 business days and must consider factors including price volatility protection, risk allocation between producers and customers, savings guarantees at intervals throughout the contract term, and other relevant factors.

• Mandates the IURC conduct a study of natural gas market prices and the effects of substitute natural gas and shale gas availability, with results reported to the regulatory flexibility committee by November 30, 2013.