HB 974: BNF; PUBLIC UTILITIES COMMISSION; ENERGY; STEP-IN AGREEMENTS; POWER PURCHASE AGREEMENTS; POWER PURCHASE COSTS TRUST FUND

Requires the Department of Budget and Finance to enter into step-in agreements for payment obligations arising under certain power purchase agreements.  Establishes the Power Purchase Costs Trust Fund.  Establishes that money collected from on-bill charges for power purchase agreements and money received from a surcharge supporting a reserve account that are deposited in the Trust Fund shall be held in trust by the State, and that independent power producers shall hold a beneficial interest in the moneys to the extent of the amounts owed under the covered power purchase agreements.  Appoints, authorizes, and empowers an electric utility to serve as the billing, collection, and payment agent of the Department of Budget and Finance in the service of performing step-in agreements.  (SD1)