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An Act To Reduce Electric Rates for Maine Businesses by Amending the Laws Governing Spending from the Regional Greenhouse Gas Initiative Trust Fund
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  35-A MRSA §10109, sub-§3-B  is enacted to read:
 
3-B.  Ceiling on energy efficiency spending.     There is established a ceiling on energy efficiency spending from the trust fund equal to $5 per carbon dioxide allowance. Until that price ceiling is adjusted or removed, only the first $5 of each carbon dioxide allowance sold and deposited in the trust fund may be awarded to or directed to qualified projects for purposes of energy efficiency improvements.
 
A.  Until fiscal year 2019-20, the trust shall transfer to the commission for distribution to Maine-based energy-intensive businesses, other than affected customers, any revenue received that is in excess of the sum of:
 
(1) Carbon dioxide allowances valued above $5; and
 
(2) The transfer, in accordance with subsection 3-A, to the commission of $3,000,000 to be used for disbursements to affected customers.
 
B.  Beginning with fiscal year 2019-20:
 
(1) Revenue received by the trust from carbon dioxide allowances valued above $5 up to a limit of $3,000,00 per year must be transferred to the commission for use by the commission for the benefit of affected customers in accordance with section 3-A; and
 
(2) Revenue received by the trust in excess of the amount transferred in accordance with subparagraph (1) must be transferred to the commission for distribution to Maine-based energy-intensive businesses, other than affected customers, up to an additional $3,000,000 annually.
 
Any funds received by the trust in excess of a value of $5 per carbon dioxide allowance plus $6,000,000 must be transferred to the commission for distribution to electric ratepayers in a manner designed to provide the greatest benefit to the State economy as determined by the commission.
 
For purposes of this subsection, "affected customer" has the same meaning as in subsection 3-A. The commission may adopt rules to implement this subsection. Rules adopted under this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
Sec. 2.  35-A MRSA §10109, sub-§4, ¶A-1  is enacted to read:
 
A-1.  Notwithstanding paragraph A, during fiscal years 2017-18 and 2018-19 the trust need not allocate 50% of the funds for residential programs and 50% for commercial and industrial programs and may instead allocate those funds to programs determined by the trust.
 
SUMMARY
This bill establishes a ceiling on energy efficiency spending from the Regional Greenhouse Gas Initiative Trust Fund; provides for transfers from the trust fund to Maine-based energy-intensive businesses, in addition to transfers to affected customers; requires that funds over a certain amount be distributed to ratepayers; and authorizes the Public Utilities Commission to adopt implementing rules. This bill also authorizes the trust, during fiscal years 2017-18 and 2018-19, to deviate from the allocation requirements set forth in the statutes and instead allocate those funds to the programs that the trust determines.