Electric Companies - Cost Containment Plans - Requirement (Securing Affordable, Valuable Investments in Next Generation Grid Solutions (SAVINGS) Act)

HB 723 requires Maryland electric companies to submit cost containment plans to the Public Service Commission by January 1, 2027, and every three years thereafter. These plans must detail strategies to reduce peak electricity demand through specific mechanisms, including "nonwires solutions" (like distributed energy resources and grid-enhancing technologies), demand flexibility programs, and grid flexibility-enabled building electrification. The bill mandates that plans avoid or minimize capital spending on infrastructure while improving system reliability and efficiency. This directly affects all electric distribution and transmission companies operating in Maryland.