SB 1501: RELATING TO ENERGY.

Allows the State to enter into step-in agreements for payment obligations arising under certain power purchase agreements.  Establishes the Power Purchasing Costs Trust Fund.  Establishes that revenues from on-bill charges for power purchase agreements and accompanying reserves shall be held in trust by the State, and that independent power producers shall hold a beneficial interest in the revenue and reserve 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, payment, and managing agent of the Department of Budget and Finance in the service of performing step-in agreements.