AN ACT CONCERNING POWER PURCHASE AGREEMENT RATES ABOVE WHOLESALE PRICES.

SB 97 prohibits the Commissioner of Energy and Environmental Protection and electric distribution companies from entering power purchase agreements that pay more than 150% of the wholesale electricity price. The bill sets a clear cap, ensuring electricity rates in these long-term contracts cannot exceed 1.5 times the current wholesale rate. This directly affects state energy officials and utility companies when negotiating agreements with electricity generators. The policy change aims to prevent excessive costs for consumers by limiting price increases in these contracts.