‘Sec. 3. Transition. The Public Utilities Commission shall implement a temporary alternative renewable portfolio program. Under the alternative program the Public Utilities Commission shall direct investor-owned transmission and distribution utilities to enter into contracts for renewable energy credits in accordance with this section.

1. Renewable capacity resources as defined in the Maine Revised Statutes, Title 35-A, section 3210, subsection 2, paragraph B-3 that were eligible, or were under review by the Public Utilities Commission for eligibility and were subsequently approved as eligible, for the purposes of the portfolio requirements under Title 35-A, section 3210, subsection 3-A from June 1, 2012 to June 1, 2013 may elect to participate in the alternative program. Notice of election to participate in the alternative program must be filed within 120 days following the effective date of this section.

2. The Public Utilities Commission shall direct investor-owned transmission and distribution utilities to enter into contracts for the renewable energy credits generated by renewable capacity resources that elect to participate under subsection 1. The contracts must value the renewable energy credits at an amount equal to the average renewable energy credit price from June 1, 2013 to June 1, 2014.

3. The Public Utilities Commission shall ensure that an investor-owned transmission and distribution utility recovers in rates all costs of contracts entered into pursuant to this section.

4. All contracts entered into pursuant to this section must expire December 31, 2017.

The Public Utilities Commission shall consider the renewable energy credits sold through contracts executed under this section as meeting the portfolio requirements under Title 35-A, section 3210, subsection 3-A. The Public Utilities Commission shall decrease those portfolio requirements on competitive electricity providers accordingly.

The Public Utilities Commission may adopt rules to implement this section. Rules adopted under this section are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A.’