NC H332

Creates cost recovery mechanism for natural gas utilities to construct infrastructure for large manufacturing projects, limited to $25 million per utility annually and $75 million statewide, with recovery through rate adjustment surcharges not exceeding 5% of annual service revenues.

Establishes eligibility requirements for natural gas infrastructure projects: minimum $200 million private investment, at least 1,500 full-time employees, wages at 110% of county average, health insurance coverage for employees, and compliance with occupational safety standards.

Freezes renewable energy portfolio standard (REPS) requirements at 6% of 2014 retail sales from 2015 onward, eliminating previous scheduled increases to 10% (2018) and 12.5% (2021).

Increases allowable energy efficiency measures to meet up to 50% of REPS requirements and raises annual cost recovery caps for REPS compliance to $34 for residential, $150 for commercial, and $1,000 for industrial accounts.

Requires electric utilities to offer standard contracts to small power producers generating electricity from swine/poultry waste (up to 5 megawatts) and other renewable resources (up to 100 kilowatts), with no capacity payment requirement when utilities have no capacity need.