SB 555 Summary

• Extends Oklahoma's renewable energy standard target date from 2015 to 2020 and increases the renewable energy generation goal from 15% to 20% of installed electricity generation capacity statewide.

• Expands the definition of qualifying renewable energy resources to include combined heat and power, waste heat recovery, and authorizes the Corporation Commission to approve other renewable sources.

• Adds demand-side management and energy efficiency as qualifying renewable energy sources that can count toward the state's renewable energy standard.

• Permits the Corporation Commission to use data from the U.S. Energy Information Administration to calculate annual renewable energy percentages, including electricity generated for both intrastate and interstate loads.

• Declares the legislation an emergency measure, making it effective immediately upon passage and approval.