| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Climate Protection Act; |
| 3 | repealing s. 403.44, F.S., relating to a cap-and-trade |
| 4 | regulatory program to reduce greenhouse gas emissions |
| 5 | from electric utilities; amending s. 366.8255, F.S.; |
| 6 | conforming a cross-reference; providing an effective |
| 7 | date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Section 403.44, Florida Statutes, is repealed. |
| 12 | Section 2. Paragraph (d) of subsection (1) of section |
| 13 | 366.8255, Florida Statutes, is amended to read: |
| 14 | 366.8255 Environmental cost recovery.- |
| 15 | (1) As used in this section, the term: |
| 16 | (d) "Environmental compliance costs" includes all costs or |
| 17 | expenses incurred by an electric utility in complying with |
| 18 | environmental laws or regulations, including, but not limited |
| 19 | to: |
| 20 | 1. Inservice capital investments, including the electric |
| 21 | utility's last authorized rate of return on equity thereon. |
| 22 | 2. Operation and maintenance expenses. |
| 23 | 3. Fuel procurement costs. |
| 24 | 4. Purchased power costs. |
| 25 | 5. Emission allowance costs. |
| 26 | 6. Direct taxes on environmental equipment. |
| 27 | 7. Costs or expenses prudently incurred by an electric |
| 28 | utility pursuant to an agreement entered into on or after the |
| 29 | effective date of this act and prior to October 1, 2002, between |
| 30 | the electric utility and the Florida Department of Environmental |
| 31 | Protection or the United States Environmental Protection Agency |
| 32 | for the exclusive purpose of ensuring compliance with ozone |
| 33 | ambient air quality standards by an electrical generating |
| 34 | facility owned by the electric utility. |
| 35 | 8. Costs or expenses prudently incurred for the |
| 36 | quantification, reporting, and third-party verification as |
| 37 | required for participation in greenhouse gas emission registries |
| 38 | for greenhouse gases as defined in s. 403.44. |
| 39 | 8.9. Costs or expenses prudently incurred for scientific |
| 40 | research and geological assessments of carbon capture and |
| 41 | storage conducted in this state for the purpose of reducing an |
| 42 | electric utility's greenhouse gas emissions when such costs or |
| 43 | expenses are incurred in joint research projects with Florida |
| 44 | state government agencies and Florida state universities. |
| 45 | Section 3. This act shall take effect July 1, 2012. |