House amendment makes the following changes to the 2nd edition.

Deletes changes to GS 62-3(27a), which expanded the meaning of renewable resources for the purposes of this section.

Deletes changes to GS 62-156 regarding power sales by small power producers to public utilities.

Provides updated Renewable Energy and Energy Efficiency Portfolio Standards (REPS) for electric public utilities, amending GS 62-133.8(b)(1) to require each electric public utility in the state to be subject to a REPS according to the schedule determined for calendar year 2015. Sets the REPS requirement at 6% of 2014 North Carolina retail sales for 2015 and thereafter, and deletes the increases scheduled for 2018, 2021, and thereafter. Amends GS 62-133.8(c)(1) to apply the same requirements to REPS for electric membership corporations and municipalities.

Deletes requirement that the Energy Policy Council study the costs and benefits to the electrical grid of distributed generations and report to the Joint Legislative Commission on Governmental Operations and the North Carolina Utilities Commission.

Repeals GS 105-275(45), which provided a property tax exclusion for solar energy systems. Effective for taxable years beginning on or after July 1, 2015.

Amends GS 62-133.8(b)(2)c to provide that an electric utility subject to the provisions of this subsection may meet up to 50% (was, up to 25%) of the requirements of this section through savings due to implementing energy efficiency measures. Effective July 1, 2015.

Deletes Section 3B.2.(b) regarding recovery of incremental costs incurred by an electric power supplier prior to July 1, 2015. Provides that incremental costs incurred by an electric power supplier prior to July 1, 2015, in complying with any requirement repealed or amended by this Part may be recovered as provided in GS 62-133.8(h), as amended by this Part. Identifies costs that may be recovered under this act.

Creates the 12-member Joint Select Committee on the Long Term Energy Needs of the State. Provides that six members are to be appointed by the Speaker of the House of Representatives and that six members are to be appointed by the President Pro Tempore of the Senate, with vacancies to be filled by the appointing authority. Provides additional specifications regarding the operation of the Committee. Directs the Committee to study reforms to the REPS requirements under GS 62-133.8 and any other matter related to the long-term energy needs of the state the Committee deems appropriate.