SB 760

This bill requires the Public Service Commission to consider the social cost of

carbon in determining whether to issue certificates required to construct large

electric generating facilities or high-voltage transmission lines or to engage in

certain other public utility projects. The bill defines “social cost of carbon” as a

measure of the economic harms and other impacts expressed in dollars that result

from emitting one ton of carbon dioxide into the atmosphere. The bill includes the

legislature's finding that the social cost of carbon is $50 per ton of carbon dioxide

emitted into the atmosphere. However, the bill requires PSC to annually evaluate

the social cost of carbon and adjust as necessary the dollar amount found by the

legislature. In making the evaluations, PSC must use integrated assessment models

and consider appropriate discount rates. The bill requires any adjustment by PSC

to be consistent with the international consensus on the social cost of carbon. The

bill requires PSC to consult with the Department of Natural Resources in making the

evaluations.

The bill also requires that, beginning no later than January 1, 2023, PSC must

submit an annual report to the legislature describing the PSC's evaluation of the

social cost of carbon. If PSC adjusts the dollar amount found by the legislature, the

report must also specify the social cost of carbon as adjusted by PSC.