RENEWABLE ENERGY PROCUREMENT

Amends the Illinois Power Agency Act. In provisions concerning the renewable portfolio standard for the Planning and Procurement Bureau, provides that, to ensure the successful development of new renewable energy projects supported through competitive procurements, for certain procurements, the Agency shall propose a process for post-award renegotiation of contract terms through its long-term renewable resources plan. Provides that such proposal shall allow for bilateral negotiation between the Agency and a winning bidder regarding contract terms, other than strike price and terms that impact strike price, that are not required under the Act. Provides that post-award renegotiation of competitively bid renewable energy credit prices shall be allowed only in cases where it is necessary to ensure the successful development of the underlying new renewable energy project based on circumstances that were unforeseeable at the time of the procurement event. Provides that, if, following the processes in the long-term renewable resources plan, the Agency and the winning bidder reach an agreement on amended terms or the winning bidder is entitled to a change in price, then, upon petition by the winning bidder or current seller, the Commission shall issue an order directing the utility counterparty to execute a form amendment drafted by the Agency with the revised terms or the new strike price. Provides that the Agency shall provide the amendment to the utility within 15 business days after the Commission's order and the utility buyer shall execute the amendment no more than 7 calendar days after delivery by the Agency. Provides that the Agency shall develop the form amendment following comments by interested parties. Effective immediately.