MD HB505

Renames Maryland's "renewable energy portfolio standard" to the "clean energy portfolio standard" and expands the definition of "clean energy source" to include nuclear energy generating stations, including small modular reactors, alongside Tier 1 and Tier 2 renewable sources

Maintains existing clean energy requirements of 60.5% in 2025 rising to 75% by 2030 and later, with specific carve-outs for solar energy (7% to 14.5%), offshore wind, and post-2022 geothermal systems (0.25% to 1%)

Allows the Public Service Commission to reduce clean energy portfolio requirements annually by a percentage equal to nuclear generation output divided by retail electricity sales, though reductions cannot affect Tier 1 or Tier 2 renewable source requirements

Renames the "Maryland Offshore Wind Business Development Fund" to the "Clean Energy Business Development Fund" and expands the associated advisory committee to include representatives from nuclear, solar, and energy storage industries

Applies retroactively to all clean energy portfolio standard compliance years beginning on or after January 1, 2025, with an effective date of July 1, 2025