Creates provisions relating to electric reliability

SB 140 - Under the act, The Public Service Commission may require electrical corporations to provide documentation, as described in the act, reflecting an electrical corporation's plan to own sufficient capacity to meet the electrical corporation's capacity obligations for the upcoming and three subsequent planning years. An electrical corporation shall submit documentation reflecting the electrical corporation's capacity position for the upcoming and next three planning years, as described in the act. The Commission may require additional audits and reporting necessary to determine whether an electrical corporation's plan provides for its ownership or contractual rights to sufficient capacity as described in the act. If an electrical corporation fails to have sufficient capacity for the upcoming planning year and the Commission determines the failure is the result of the corporation's imprudence, the Commission may disallow any associated costs related to the failure. The Commission may require submission of a plan by the electrical corporation within six months to resolve any expected capacity deficiency for the subsequent three planning years.