§ 39-26.1-5 - Commission approvals and regulations.
SECTION 39-26.1-5
§ 39-26.1-5 Commission approvals andregulations. – (a) Electric distribution companies shall submit to the commission for reviewand approval all long-term contracts for newly developed renewable energyresources proposed to be entered into in accordance with this chapter.
(b) Unless the commission approves otherwise, all energy andcapacity purchased by an electric distribution company pursuant to this chaptershall be immediately sold by the electric distribution company into thewholesale spot market; provided, however, that all such sales shall be madethrough arms-length transactions.
(c) Unless the commission approves otherwise, any attributesincluding NE-GIS certificates purchased by an electric distribution companypursuant to this chapter shall be sold through a competitive bidding process ina commercially reasonable manner.
(d) Notwithstanding any term or provision to the contrarycontained 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 tocustomers; and/or (2) to use the NE-GIS certificates for purposes of meetingthe obligations set forth in chapter 26 of title 39; provided, however, thatthe commission finds that such sales would not have a detrimental impact onenergy markets, on the market for NE-GIS certificates, and is otherwise in theinterest of utility customers.
(e) The commission shall promulgate regulations by April 1,2010, that shall, as a condition of contract approval, require all approvedprojects, regardless of their location, to provide other direct economicbenefits to Rhode Island, such as job creation, increased property tax revenuesor other similar revenues, deemed substantial by the commission.
(f) The electric distribution company shall file tariffs withthe commission for commission review and approval that net the cost of paymentsmade to projects under the long- term contracts against the proceeds obtainedfrom the sale of energy, capacity, RECs or other attributes. The differenceshall be credited or charged to all distribution customers through a uniformfully reconciling annual factor in distribution rates, subject to review andapproval of the commission. The reconciliation shall be designed so thatcustomers are credited with any net savings resulting from the long-termcontracts and the electric distribution company recovers all costs incurredunder such contracts, as well as, recovery of the financial remuneration andincentives specified in § 39-26.1-4.