DIGEST OF INTRODUCED BILL
Incentives for alternative energy purchases. Provides that purchases of energy, capacity, or renewable energy credits from alternative energy sources are eligible for the financial incentives available for clean coal and energy projects. Specifies that "clean coal and energy projects" includes projects at new or existing energy facilities that involve carbon dioxide capture, storage, and sequestration. Requires the utility regulatory commission (IURC) to allow an energy utility that purchases alternative energy to recover any costs arising under the purchase contract through rate adjustments. Provides that, regardless of changes in market conditions or other circumstances, the IURC (or any other state agency or local governmental unit) may not take any action during the term of an alternative energy purchase contract that adversely affects an energy utility's right to timely recover the utility's costs under the contract. Defines an alternative energy property interest as a right, title, and interest that: (1) is held by an energy utility; (2) is created by a qualified order of the IURC; and (3) entitles the energy utility to recover certain costs incurred in purchasing alternative energy under a qualified contract. Sets forth provisions governing: (1) the assignment of an alternative energy property interest; (2) the rights of assignees, financing entities, and alternative energy sellers; (3) the perfection of a lien and security interest in an alternative energy property interest; and (4) the obligations of an energy utility after the assignment of an alternative energy property interest.