Market Commentary and Intraday News
Mass. lawmakers advance renewable energy bill
294 days ago
(AP:BOSTON) House and Senate negotiators in Massachusetts have reached consensus on a bill that would require utilities to purchase more of their electricity from renewable sources.
The compromise approved by a six-member conference committee would also require competitive bidding for long-term renewable energy contracts and reduce from 4 percent to 2.75 percent the guaranteed annual return that utilities would receive from those investments.
Attorney General Martha Coakley has called the 4 percent requirement a "sweetheart" deal. An earlier Senate version of the bill would have reduced the guaranteed investment return to 1 percent.
Starting in 2016, utilities would be required under the bill to purchase 7 percent of their power from long-term renewable contracts, up from 3 percent.
The measure aimed at lowering overall electricity costs could come before lawmakers for a vote Monday.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.