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Utility Relief Bill Awaits Governor’s Signature
Among other things HB 1532 modifies the existing residential caps for retail electric supply
As reported previously HB1532 referred to as the Utility RELIEF (Reducing Energy Load Inflation for Everyday Families) Act -that among other things – moves the electric universal service program to the Office of Home Energy Programs; altering certain provisions relating to and establishing certain requirements for large load customers; requiring by January 1, 2028, the Public Service Commission to publish on its website an annual rate report for each public service company in the State; altering and authorizing the recovery of certain costs by electric and gas companies; and altering certain authorized rate structures for electricity supply; etc.
HB 1532 also modifies the existing residential cap for retail electric supply by allowing the supplier to offer a residential customer a fixed plan, for a term not longer than 23 months, that has a rate at or below 100% of the current SOS rate at the time contracting.
A retail electric supplier would also be permitted to offer a residential customer a fixed plan, for a term of 24 months to 35 months as long as its rate is at or below 105% of the current SOS rate at the time contracting.
A retail electric supplier would also be permitted to offer a residential customer a fixed plan, for a term of 36 months as long as it has a rate at or below 110% of the current SOS rate at the time contracting.
A retail electric supplier would be permitted to offer a variable rate to residential customers provided that the supplier’s rate as long as that rate does not exceed the SOS rate at any time during service to the customer.
