Bill Title: Amends the Illinois Power Agency Act. Provides that beginning in calendar year 2022, for all competitive procurements and any procurements of renewable energy credits from new utility-scale wind and new utility-scale photovoltaic projects, the Illinois Power Agency shall procure indexed renewable energy credits and direct respondents to offer a strike price. Provides that the value of the indexed renewable energy credit payment shall be calculated for each settlement period. Provides for a procedure to ensure adequate funding in the Agency's annual budget for indexed renewable energy credit procurements. Provides that the Agency shall not assume an obligation in excess of the estimated annual cost of the contracts for indexed renewable energy credits. Defines terms. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-05-21 - Rule 3-9(a) / Re-referred to Assignments [SB1606 Detail]

Text: Latest bill text (Introduced) [HTML]

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