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  • Summary date: Mar 28 2023 - View Summary

    Includes whereas clauses.

    Requires the Collaboratory to evaluate the reform of the State's regulatory wholesale electricity market. Requires the study to include specified elements related to: (1) an evaluation of the proposed market structures; (2) an examination of any other market reforms the Collaboratory determines appropriate; (3) costs, benefits, and risks to specified entities on specified aspects of the State's current electricity system and potential market reforms, legal and procedural requirements associated with adoption of any electricity market reform measures evaluated, impact to existing interstate and interregional arrangements from electricity market reform measures, existing nuclear power plant units which provide an emissions-free source of power while also providing significant employment and economic benefits, and potential impacts of electricity market reform measures on disadvantaged or vulnerable populations or communities or both; and (4) costs and benefits of a regional partnership with South Carolina regarding recommended market reforms or a cost-sharing agreement with South Carolina utility service territories for costs associated with SL 2021-165 (which authorized the Utilities Commission to (1) take steps to achieve a 70% reduction in emissions of carbon dioxide from electric public utilities from 2005 levels by the year 2030 and carbon neutrality by the year 2050, (2) authorize performance-based regulation of electric public utilities, (3) proceed with rulemaking on securitization of certain costs and other matters, and (4) allow potential modification of certain existing power purchase agreements with eligible small power producers). Sets out definitions of applicable terms.

    Requires the Collaboratory to initiate the above study within 90 days after the act becomes law with an independent expert consultant with the specified experience. Requires the Collaboratory to also by that date establish an advisory board that must at least include the specified membership.

    Requires a report to the specified NCGA committee and division on or before the convening of the 2025 Regular Session of the 2025 NCGA, unless it notifies the recipients that more time is needed, which will extend the deadline to the convening of the 2026 Regular Session. Sets out minimum requirements for the Collaboratory's recommendations. Sets out items that must be in the report if it recommends legislative action to reform the State's wholesale electricity marketplace.

    Appropriates $500,000 for 2023-24 from the General Fund to the Collaboratory to engage with an independent consulting firm to assist with the study. Requires the Collaboratory to seek additional federal funding for the study and allows delegation of the management of federal grants to a State agency with such experience.