Renewable Energy Portfolio Standard - Alterations

SB 706 reduces Maryland's mandatory renewable energy targets for electricity suppliers. It lowers the required percentage of Tier 1 renewable sources (like solar, offshore wind, and geothermal) from previous levels to 26% in 2027 (down from 41.5%), 27.5% in 2028 (from 43%), 34% in 2029 (from 49.5%), and 34.5% in 2030+ (from 50%). The bill also maintains a 2.5% requirement for Tier 2 renewable sources each year. These changes directly affect electricity suppliers who must meet these annual renewable energy quotas for retail electricity sales in Maryland. The bill takes effect October 1, 2026, applying to compliance years after December 31, 2026.