HB 5420 Summary

• Establishes escalating renewable energy standards requiring electric providers to achieve 100% renewable energy by 2050, with intermediate targets of 12.5% by 2019-2020, 15% by 2021-2024, 25% by 2025-2031, 50% by 2032-2039, 75% by 2040-2049, and 100% by 2050.

• Requires the Public Service Commission to review and approve electric providers' renewable energy plans by April 20, 2021 and every 2 years thereafter, with providers proposing plan amendments to conform to the new renewable energy credit standards.

• Maintains existing retail rate impact limits of $3.00 per month for residential customers, $16.58 per month for commercial secondary customers, and $187.50 per month for commercial primary or industrial customers.

• Authorizes the Commission to grant extensions of renewable energy standard deadlines for good cause, including site requirements, permitting issues, equipment shortages, transmission costs, reliability concerns, labor shortages, or court orders, with no more than 2 extensions per deadline, each not exceeding 1 year.

• Allows energy waste reduction credits to substitute for up to 10% of required renewable energy credits and requires electric providers to make good-faith efforts to spend authorized cost recovery amounts while complying with approved plans.