NC H1484

Adds "electricity demand reduction" as a defined term meaning voluntary, real-time controlled reduction in retail customer electricity demand measured using two-way communication devices operating on nonproprietary standards approved by IEEE or ITU.

Allows electric public utilities to satisfy renewable energy portfolio standards (REPS) requirements through electricity demand reduction, in addition to existing compliance methods.

Allows electric membership corporations and municipalities to satisfy REPS requirements through electricity demand reduction as an additional compliance option.

Applies to REPS schedules requiring 3% compliance by 2012, 6% by 2015, 10% by 2018, and 12.5% by 2021 for utilities, with slightly lower targets for membership corporations and municipalities.