DIGEST OF INTRODUCED BILL
Voluntary renewable portfolio standard program. Requires the utility regulatory commission (IURC) to adopt rules to establish the renewable energy portfolio standard program (program). Provides that the program must be a voluntary program that provides incentives to participating electricity suppliers that undertake to supply specified percentages of the total electricity supplied to their Indiana retail electric customers from renewable energy. Sets forth three renewable portfolio standard goals (RPS goals) that a participating electricity supplier must achieve during specified periods during the program to qualify for one or more of the financial incentives available under the program. Provides that a participating electricity supplier may own or purchase one or more renewable energy credits to meet any of the RPS goals. Provides that the financial incentives under the program must include: (1) a shareholder incentive consisting of an increased overall rate of return on equity, not to exceed 50 basis points over the authorized rate of return, whenever a participating electricity supplier attains an RPS goal; and (2) the recovery, by means of a period rate adjustment mechanism, of reasonable and necessary program costs incurred by an electricity supplier in participating in the program. Beginning in 2012, requires each participating electricity supplier to report to the IURC before March 1 of each year on the participating electricity supplier's efforts to meet the RPS goals included in the program. Beginning in 2012, requires the IURC to include in its annual energy report to the regulatory flexibility committee a summary of the information reported by the participating electricity suppliers.