Directs the Joint Legislative Commission on Energy Policy (Commission) to study known and measurable costs and benefits of grid modernization investment by investor-owned electric public utilities, and report its findings and recommendations to the 2017 General Assembly by March 1, 2018. Directs public utilities to cooperate with the Commission's information requests. Appropriates $300,000 for 2017-18 from the General Fund to the Commission to conduct the study.