Fair Procurement and Ownership Reform Act.

SB 718, the "Fair Procurement and Ownership Reform Act," requires North Carolina's major electric utilities to use competitive bidding for all renewable energy sources (including solar, wind, and storage) without mandating utility ownership percentages, affecting utilities, developers, and customers. It eliminates previous rules like the 55% utility ownership requirement for solar projects, allowing third-party developers to compete equally, and reallocates shared solar capacity to 45% for large commercial customers, 25% for small commercial, and 15% each for government and residential users. Utilities must conduct these all-source procurements every two years, using standardized criteria focused on cost, reliability, emissions goals, and transparency, with public reports on bids and outcomes. The bill aims to promote fair competition, faster renewable deployment, and equitable access for all customer types while removing ownership barriers.