Sec. 301. Reflection of the cost of greenhouse gas emissions in rates
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Part II of the Federal Power Act ( 16 U.S.C. 824 et seq. ) is further amended by adding at the end the following: Not later than 18 months after the date of enactment of the Clean Electricity and Transmission Acceleration Act of 2023, the Commission shall issue regulations to require public utilities to reflect the cost of greenhouse gas emissions associated with the generation, transmission, and sale of electric energy subject to the jurisdiction of the Commission in the rates and charges for such generation, transmission, and sale in accordance with this section.
Not later than 180 days after the date of enactment of the Clean Electricity and Transmission Acceleration Act of 2023, the Commission shall determine the cost of greenhouse gas emissions for the purpose of issuing regulations under subsection (a). In determining such cost of greenhouse gas emissions, the Commission, in consultation with the Administrator of the Environmental Protection Agency— may consider— Federal guidance or standards relating to the social cost of carbon; and any other generally accepted Federal, State, or other methodology for determining the cost of greenhouse gas emissions; and shall employ a discount rate that reflects the irreversibility of climate change.
Beginning on the date on which the regulation is issued under subsection (a), no rate or charge made, demanded, or received by a public utility for or in connection with the generation, transmission, or sale of electric energy subject to the jurisdiction of the Commission may be deemed just or reasonable, under sections 205 or 206, unless such rate or charge reflects the cost of greenhouse gas emissions pursuant to the regulation issued under subsection (a). .