Energy efficiency programs; definitions, incremental annual savings.

Energy efficiency programs; incremental annualsavings. Provides that it is in the public interest and the policyof the Commonwealth to deploy demand-side management programs andenergy efficiency measures throughout the Commonwealth to achievethe greatest possible reductions in energy consumption. The billpermits the State Corporation Commission to increase or decreasean investor-owned electric utility's combined rate of return basedon the utility's success in complying with energy efficiency programtargets in existing law. Additionally, the bill states that "in thepublic interest," for the purpose of assessing energy efficiencyprograms, means that the Commission determines that the program is cost-effective. The bill directs the Commission to promulgate regulationsno later than December 31, 2024, establishing a single, consistentcost-effectiveness test for use in evaluating proposed energy efficiencyprograms. Finally, the bill requires the Commission to consider,as a factor in establishing performance based adjustments to thecombined rate of return for an electric utility, the utility's compliancewith energy efficiency standards and to update ongoing proceedings to consider this factor no later than December 31, 2024. The provisionsof the bill apply to any Commission proceeding that commenced onor after January 1, 2024.