PUB UTIL-RENEWABLE ENERGY STDS

Amends the Public Utilities Act. Provides that each electric utility and each alternative retail electric supplier shall use its best efforts to procure by the end of calendar year 2007 renewable energy resources equal to at least 2% of the electric energy to be sold to retail customers within its service area during the following calendar year, and procure by the end of calendar year 2008 renewable energy resources equal to at least 4% of the electric energy to be sold to retail customers within its service area during the following calendar year. Provides that the Commission, together with the Department of Commerce and Economic Opportunity, shall evaluate the availability and use of renewable energy resources within this State and shall also consider the feasibility of adoption of an enforceable mandatory renewable energy resource portfolio standard to be applicable to all electric utilities and all alternative retail electric suppliers that requires that at least 12% of the energy used within the State be through renewable energy resources by the end of calendar year 2012 and at least 25% by the end of calendar year 2017. Provides that costs associated with the procurement of certain renewable energy resources shall be fully recoverable from retail customers to the extent allowed by law and shall not be subject to specified limitations relating to the recovery of the power and energy cost component in tariffed rates.