Bill Title: Provides that the amendatory Act may be referred to as the Transmission for Transition Law. Amends the Illinois Enterprise Zone Act. Provides that the Department of Commerce and Economic Opportunity is authorized to receive and approve applications for the designation of "High Impact Businesses" if the business intends to construct a new high voltage direct current converter station facility at a designated location in Illinois. Amends the Illinois Power Agency Act. Provides that the long-term renewable resources procurement plan shall include the procurement of renewable energy credits from high voltage direct current renewable energy credits. Provides that the Illinois Power Agency shall conduct at least one forward procurement for high voltage direct current renewable energy credits within 240 days after the effective date of the amendatory Act. Sets forth procedures for application and bidding. Provides that, no later than December 1, 2024, the Agency shall create and issue a report that describes how transmission systems limit the ability of electric utilities to meet renewable resource procurement goals. Makes changes in provisions concerning legislative declarations and findings and definitions. Makes conforming changes. Amends the Public Utilities Act. Provides that an electric utility that has entered into a contract to purchase high voltage direct current renewable energy credits shall be entitled to recover through tariffed charges all costs related to the purchase of high voltage direct current renewable energy credits under the contract. Provides that an entity that received a contract to provide high voltage direct current renewable energy credits and the associated high voltage direct current transmission lines shall not be obligated to submit an annual supplier diversity report to the Illinois Commerce Commission. Makes changes to provisions concerning definitions. Amends the Prevailing Wage Act to make a conforming change. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-05-08 - Referred to Assignments [SB3949 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator William Cunningham [D]	Primary	Sponsored Bills	SD-018	FollowTheMoney	Ballotpedia	VoteSmart

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