Energy production and resources.

Requires the Indiana utility regulatory commission (IURC) to issue an order granting or denying an application for a certificate of public convenience and necessity (certificate) not later than 240 days after the filing of the application and the submission of the applicant's case in chief. Authorizes the IURC to issue a general administrative order establishing guidelines regarding the information to be included in an applicant's case in chief. Amends the statute providing certain financial incentives for energy utilities in connection with clean energy projects as follows: (1) Provides that a "clean energy project" includes a project to construct or repower, after July 1, 2011, a natural gas facility to displace electricity generation from an existing coal fired generation facility. (2) Provides that an "eligible business" for purposes of eligibility for incentives authorized under the statute includes a joint agency created under the Indiana Code chapter authorizing municipal electric utility programs. (3) Provides (through an amendment to a cross-referenced definition in the Indiana Code chapter governing the Indiana voluntary clean energy portfolio standard program) that for purposes of a clean energy project involving a renewable energy resource project, a "renewable energy resource" includes gas that is derived from the decomposition of organic matter and that: (A) is fully interchangeable with; or (B) can be combined with; conventional natural gas for purposes of generating electricity. (4) Provides that the IURC may provide an incentive under the statute for a project that the IURC finds to be just and reasonable (rather than "reasonable and necessary" under current law). (5) Provides that the IURC may not approve the timely recovery of costs and expenses incurred during the construction and operation of a project unless the IURC finds that recovery of the costs and expenses: (A) is just and reasonable; and (B) will result in a gross financing costs savings over the life of the project. (6) Eliminates the incentive authorizing up to three percentage points on the return on shareholder equity that would otherwise be allowed to be earned on certain clean energy projects. (7) Amends the language prescribing the time frame within which the IURC must issue a determination as to a project's eligibility for the available financial incentives to require the IURC to issue the determination not later than: (A) 120 days after the date of the application; or (B) the time frame prescribed in the bill for the IURC to grant or deny a certificate if a certificate is required for the project. Provides, for purposes of the oil and gas law (which requires the natural resources commission to adopt rules to prevent waste and prohibits actions in the extraction of coal bed methane that would waste commercially minable coal resources), that the term "waste" does not include capturing and destroying coal bed methane for a commercial purpose, including the generation of carbon credits.