(a) Electric distribution companies shall submit to the commission for review and approval all long-term contracts for newly developed renewable energy resources proposed to be entered into in accordance with this chapter.
(b) Unless the commission approves otherwise, all energy and capacity purchased by an electric distribution company pursuant to this chapter shall be immediately sold by the electric distribution company into the wholesale spot market; provided, however, that all such sales shall be made through arms-length transactions.
(c) Unless the commission approves otherwise, any attributes including NE-GIS certificates purchased by an electric distribution company pursuant to this chapter shall be sold through a competitive bidding process in a commercially reasonable manner.
(d) Notwithstanding any term or provision to the contrary contained in subsection (b) or (c) hereof, subject to commission approval, electric distribution companies shall be permitted, but shall not be required: (1) To use the energy, capacity, and other attributes purchased for resale to customers; and/or (2) To use the NE-GIS certificates for purposes of meeting the obligations set forth in chapter 26 of this title; provided, however, that the commission finds that such sales would not have a detrimental impact on energy markets, on the market for NE-GIS certificates, and is otherwise in the interest of utility customers.
(e) The commission shall promulgate regulations by April 1, 2010, that shall, as a condition of contract approval, require all approved projects, regardless of their location, to provide other direct economic benefits to Rhode Island, such as job creation, increased property tax revenues, or other similar revenues, deemed substantial by the commission.
(f) The electric distribution company shall file tariffs with the commission for commission review and approval that net the cost of payments made to projects under the long-term contracts against the proceeds obtained from the sale of energy, capacity, RECs, or other attributes. The difference shall be credited or charged to all distribution customers through a uniform fully reconciling annual factor in distribution rates, subject to review and approval of the commission. The reconciliation shall be designed so that customers are credited with any net savings resulting from the long-term contracts and the electric distribution company recovers all costs incurred under such contracts, as well as, recovery of the financial remuneration and incentives specified in § 39-26.1-4.
History of Section.
P.L. 2009, ch. 51, § 1; P.L. 2009, ch. 53, § 1.