OR SB688

Authorizes the Oregon Public Utility Commission to investigate, develop, and adopt a performance-based regulation framework for electric companies, using incentives and penalties to align utility operations with public interest goals

Declares public interest priorities including reducing greenhouse gas emissions, increasing energy efficiency, improving grid reliability and resiliency, developing distributed energy resources, enhancing low-income customer services, and reducing ratepayer costs

Requires any adopted framework to include performance standards with baselines, clear and verifiable metrics, implementation descriptions, identified utility actions, and incentive/penalty structures based on company performance

Mandates the commission consider impacts on ratepayer rates when developing incentives and penalties, and allows establishment of reportable metrics not subject to incentives/penalties with required annual company reports

Increases the Public Utility Commission's expenditure limit by $974,013 to fund the investigation, development, and adoption of the performance-based regulation framework