Energy: alternative sources; bidding requirements; update. Amends sec. 28 of 2008 PA 295 (MCL 460.1028).

SB 916 updates Michigan's renewable energy requirements for electric providers by establishing a tiered portfolio standard that increases from 15% by 2029 to 60% by 2035. The bill allows providers to meet these targets through generating renewable energy, purchasing power, or acquiring renewable energy credits, with specific limits on the use of out-of-state credits. It also introduces financial incentives for providers entering into non-affiliate contracts for renewable energy or clean energy storage systems after June 30, 2024, and permits energy waste reduction credits to substitute for up to 10% of renewable energy requirements under certain conditions.