“(c) A Commission regulated electric company shall receive 350% credit toward meeting the Renewable Energy Portfolio Standards established pursuant to this subchapter for energy derived from off-shore wind energy installations sited off the Delaware coast on or before May 31, 2017.
(1) To be entitled to 350% credit, contracts for energy and renewable energy credits from such off-shore wind energy installations must be executed by Commission regulated electric companies prior to commencement of construction of such installations.
(2) Commission regulated electric companies shall be entitled to such multiple credits for the life of contracts for renewable energy credits from off-shore wind installations executed pursuant to this subsection.”
Section 2. Amend Title 26 of the Delaware Code, by adding the following new section 364:
“§ 364. Special provisions for customers of Public Service Commission regulated electric companies.
All costs arising out of contracts entered into by a Commission regulated electric company pursuant to § 1007(d) of this Title shall be distributed among the entire Delaware customer base of such companies through an adjustable non-bypassable charge which shall be established by the Commission. Such costs shall be recovered if incurred as a result of such contracts unless, after Commission review, any such costs are determined by the Commission to have been incurred in bad faith, are the product of waste or out of an abuse of discretion, or in violation of law.”