SB 529

Abstract

Provides that the amendatory Act may be referred to as the Coal to Solar and Energy Storage Act. Amends the Illinois Power Agency Act, the State Finance Act, and the Public Utilities Act. Authorizes the procurement of renewable energy credits by electric utilities serving more than 300,000 retail customers as of January 1, 2019. Provides for the renewable energy credits to be related to new renewable energy resources installed at the site of electric generation that on January 1, 2019 burned coal as the primary fuel source. Provides for the Illinois Power Agency to manage the procurement of the credits. Establishes the requirements for eligibility for the credits. Requires the electric utilities to file a tariff for the billing and collection of a Coal to Solar and Energy Storage Initiative Charge on each kilowatthour of electricity delivered to its delivery services customers within its service territory at specified rates and to deposit a percentage of its collections in the Coal to Solar and Energy Storage Incentive and Plant Transition Fund. Establishes the Coal to Solar and Energy Storage Incentive and Plant Transition Fund as a special fund in the State treasury to provide transitional support funding to coal-fueled electric utilities participating in the utilization of the renewable energy credits. Effective immediately.