Massachusetts Senate passes energy-affordability bill targeting $14 billion in savings over 10 years

The Massachusetts Senate yesterday passed a sweeping energy-affordability bill that aims to save residents $14 billion over 10 years in a state that has some of the country's highest utility costs.

The legislation includes measures that would change the state's energy procurement process, put guardrails on the activities of third-party electric suppliers, and allow utilities to securitize certain spending, essentially lowering the cost they pay to borrow money.

Now the legislature must hammer out the differences between the Senate text and the House version, which includes major cuts to energy-efficiency funding.