An Act To Reduce Electric Rates for Maine Businesses by Amending the Laws Governing Spending from the Regional Greenhouse Gas Initiative Trust Fund
Sec. 1. 35-A MRSA §10109, sub-§3-B is enacted to read:
(1) Carbon dioxide allowances valued above $5; and
(2) The transfer, in accordance with subsection 3-A, to the commission of $3,000,000 to be used for disbursements to affected customers.
(1) Revenue received by the trust from carbon dioxide allowances valued above $5 up to a limit of $3,000,00 per year must be transferred to the commission for use by the commission for the benefit of affected customers in accordance with section 3-A; and
(2) Revenue received by the trust in excess of the amount transferred in accordance with subparagraph (1) must be transferred to the commission for distribution to Maine-based energy-intensive businesses, other than affected customers, up to an additional $3,000,000 annually.
Any funds received by the trust in excess of a value of $5 per carbon dioxide allowance plus $6,000,000 must be transferred to the commission for distribution to electric ratepayers in a manner designed to provide the greatest benefit to the State economy as determined by the commission.
For purposes of this subsection, "affected customer" has the same meaning as in subsection 3-A. The commission may adopt rules to implement this subsection. Rules adopted under this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
Sec. 2. 35-A MRSA §10109, sub-§4, ¶A-1 is enacted to read:
SUMMARY
This bill establishes a ceiling on energy efficiency spending from the Regional Greenhouse Gas Initiative Trust Fund; provides for transfers from the trust fund to Maine-based energy-intensive businesses, in addition to transfers to affected customers; requires that funds over a certain amount be distributed to ratepayers; and authorizes the Public Utilities Commission to adopt implementing rules. This bill also authorizes the trust, during fiscal years 2017-18 and 2018-19, to deviate from the allocation requirements set forth in the statutes and instead allocate those funds to the programs that the trust determines.