AN ACT REQUIRING THE PUBLIC UTILITIES REGULATORY AUTHORITY TO STUDY ALTERNATIVE ENERGY DELIVERY METHODS, DEVELOP A CAPITAL INVESTMENT FUNDING MECHANISM AND INCREASE THE FREQUENCY OF RATE ADJUSTMENT PROCEEDINGS.

HB 7088 requires the Public Utilities Regulatory Authority (PURA) to study alternative energy delivery methods (like direct-bill generation and municipal energy aggregation) and submit a report by July 2026. It mandates PURA to develop new performance metrics for electric utilities covering safety, reliability, affordability, and climate goals, and to create a capital investment funding mechanism for grid upgrades with annual cost recovery. The bill also increases the frequency of rate adjustments, requiring PURA to review utility rates at least every six months instead of annually. These changes directly affect electric utilities and ratepayers by altering how utility performance is measured and how infrastructure costs are recovered.