2023 Michigan Compiled Laws › Chapter 460 - Public Utilities › Act 295 of 2008 - Clean and Renewable Energy and Energy Waste Reduction Act (460.1001 - 460.1232.added) › 295-2008-2. - Part 2. Energy Standards (460.1021...460.1113) › 295-2008-2-A - subPart A Renewable and Clean Energy (460.1021...460.1054) › Section 460.1028 - Renewable Energy Credit Portfolio; Meeting Renewable Energy Credit Standards With Renewable Energy Credits; Means; Submission and Approval of Contract; Substitution of Energy Waste Reduction Credits for Renewable Energy Credits.

***** 460.1028 THIS SECTION IS AMENDED EFFECTIVE FEBRUARY 27, 2024: See 460.1028.amended *****
460.1028 Renewable energy credit portfolio; meeting renewable energy credit standards with renewable energy credits; means; submission and approval of contract; substitution of energy waste reduction credits for renewable energy credits.
Sec. 28.
(1) An electric provider shall achieve a renewable energy credit portfolio as follows:
(a) In 2016 through 2018, a renewable energy credit portfolio that consists of at least the same number of renewable energy credits as were required under former section 27.
(b) In 2019 and 2020, a renewable energy credit portfolio of at least 12.5%, as calculated under subsection (2).
(c) In 2021, a renewable energy credit portfolio of at least 15%, as calculated under subsection (2).
(2) An electric provider's renewable energy credit portfolio shall be calculated as follows:
(a) Determine the number of renewable energy credits used to comply with this subpart during the applicable year.
(b) Divide by 1 of the following at the option of the electric provider as specified in its renewable energy plan:
(i) The number of weather normalized megawatt hours of electricity sold by the electric provider during the previous year to retail customers in this state.
(ii) The average number of megawatt hours of electricity sold by the electric provider annually during the previous 3 years to retail customers in this state.
(c) Multiply the quotient under subdivision (b) by 100.
(3) Subject to subsection (5), each electric provider shall meet the renewable energy credit standards with renewable energy credits obtained by 1 or more of the following means:
(a) Generating electricity from renewable energy systems for sale to retail customers.
(b) Purchasing or otherwise acquiring renewable energy credits with or without the associated renewable energy.
(4) For an electric provider whose rates are regulated by the commission, the electric provider shall submit a contract entered into for the purposes of subsection (3) to the commission for review and approval. If the commission approves the contract, it shall be considered consistent with the electric provider's renewable energy plan. The commission shall not approve a contract based on an unsolicited proposal unless the commission determines that the unsolicited proposal provides opportunities that may not otherwise be available or commercially practical through a competitive bid process.
(5) An electric provider may substitute energy waste reduction credits for renewable energy credits otherwise required to meet the renewable energy credit standards if the substitution is approved by the commission. Under this subsection, energy waste reduction credits shall not be used by a provider to meet more than 10% of the renewable energy credit standard. One renewable energy credit shall be awarded per 1 energy waste reduction credit.
History:
Add. 2016, Act 342, Eff. Apr. 20, 2017