Renewable Energy Portfolio Standard - Renaming and Alterations

HB 505 renames Maryland's "renewable energy portfolio standard" to the "clean energy portfolio standard" and increases the required percentage of energy from clean sources (like wind, solar, and nuclear) for utilities over time. It revises definitions for offshore wind projects, modifies application requirements for these projects, and establishes a new process for the Public Service Commission to review proposed nuclear energy projects. The bill also requires nuclear project applicants to comply with minority business programs and mandates how energy sales proceeds from certain nuclear projects must be distributed. Additionally, it renames related funds and committees (like the "Maryland Offshore Wind Business Development Fund" to "Clean Energy Business Development Fund") and applies these changes retroactively.