ENERGY STORAGE REVENUE BONDS

Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall have power to issue revenue bonds for energy storage projects that seek State-level energy storage credits or utility cost recovery. Provides that the Authority shall coordinate with the Illinois Power Agency to ensure that the financing terms of the revenue bonds are structured to minimize costs to State ratepayers. In provisions concerning Clean Coal, Coal, Energy Efficiency, PACE, and Renewable Energy Project financing, provides that bonds issued by the Authority shall be limited obligations of the Authority and payable solely from the revenues and receipts derived from the energy storage projects for which the bonds are issued. Requires the bonds to contain on their face a certain statement. Amends the Illinois Power Agency Act. In provisions concerning the Planning and Procurement Bureau, provides that an energy storage project shall not be eligible for the procurement of energy storage credits under provisions concerning the equity accountability system unless the owner or developer of the energy storage project demonstrates, as a condition of bid eligibility, that the energy storage project's long-term debt financing is secured through bonds issued by the Authority. Provides that the Agency shall not execute any procurement plan or enter into contracts for energy storage or renewable energy credits that would result in the average retail customer's bill exceeding cost-control caps set forth in certain provisions of the Public Utilities Act, unless the excess amount is approved by the General Assembly. Amends the Public Utilities Act. Requires the Illinois Commerce Commission to conduct an annual Energy Affordability and Rate Impact Study. Sets forth requirements for the content of the Study. In provisions concerning distributed generation rebates, provides that, if a Multi-Year Integrated Grid Plan or any subsequent integrated resource plan submitted by a utility or the Commission includes a proposal to increase, suspend, or otherwise exceed any existing statutory rate caps or cost-control benchmarks in certain provisions of the Act, such adjustment shall not take effect unless specifically approved by a joint resolution of the General Assembly. Amends the Environmental Protection Act by repealing provisions concerning greenhouse gases. Makes other changes. Effective immediately.