HB 2605 Summary

• Establishes the Oklahoma Renewable Energy Standards Act requiring electric utilities to generate or purchase electricity from renewable energy sources or purchase renewable energy credits.

• Sets portfolio requirements at 10% of peak demand for 2015-2019, 15% for 2020-2024, and 20% for 2025 and beyond, based on three-year average demand.

• Defines eligible renewable sources as wind, solar, hydropower, biomass, geothermal, fuel cells, energy storage, and other Commission-certified sources (excluding nuclear power).

• Allows utilities to recover reasonable compliance costs and includes rate impact provisions with penalties exempted if retail rate increases reach specified thresholds or utilities demonstrate good-faith compliance efforts.

• Repeals the Oklahoma Energy Security Act and becomes effective November 1, 2014.