American Energy Efficiency Act of 2024

The American Energy Efficiency Act of 2024 establishes federal energy efficiency standards requiring retail electricity and natural gas suppliers to achieve specific cumulative savings percentages of their historical usage levels. Electricity suppliers must meet targets ranging from 1.00% in 2025 to 22.00% by 2039, while natural gas suppliers must achieve 0.50% to 14.00% over the same period. The bill includes detailed requirements for measuring and verifying energy savings, allows for transfers of savings between suppliers and third-party providers, and establishes civil penalties of $100 per megawatt hour for electricity or $10 per million Btu for natural gas for non-compliance. It permits states to administer the program if they meet certain standards while preserving existing state energy efficiency initiatives. The law directly affects large electricity and natural gas suppliers that meet specific volume thresholds for delivery to customers.