Massachusetts lawmakers have introduced a bill aimed at reducing utility bills for residents. The proposed legislation, which is set to be debated on July 1, could result in savings of over $14 billion for ratepayers over the next decade.
Key Provisions
The bill, introduced by Senate Democrats, focuses on changing how gas and electric utilities operate in the state. It proposes to cap the planning and administration spending of the Mass Save energy efficiency program at 5% of funds and make performance incentives paid to utilities optional. Additionally, it would phase out the Gas System Enhancement Program (GSEP) by 2030, which has been criticized for driving up costs.
According to Sen. Michael Barrett, the primary architect of the bill, the legislation tackles issues involving the gas and electric utilities to provide manageable and affordable bills for constituents. Barrett emphasized the importance of investing in energy efficiency programs, stating that constituents want manageable bills today and tomorrow.
Savings Estimates
The bill estimates that the proposed changes could result in significant savings for ratepayers. The six key provisions of the bill are expected to save ratepayers up to $14 billion over 10 years, with the largest savings coming from letting utilities securitize certain expenses, which could result in estimated 10-year savings of up to $7.1 billion.
Original reporting: NBC10 Boston — read the source article.
