Provides that any load-serving utility that enters into a long-term financial commitment for baseload generation located outside the borders of the state shall provide mitigation for twenty percent of the total carbon dioxide emissions produced by the fossil-fueled thermal electric power plant or plants over the period of the commitment.

Provides that the load-serving utility shall develop a carbon dioxide mitigation plan detailing how the utility plans to mitigate carbon dioxide emissions under this act.

Provides that the load-serving utility shall choose one or a combination of the following carbon dioxide mitigation options to mitigate for twenty percent of the total carbon dioxide emission: (1) Payment to a third party to provide mitigation;

(2) Direct purchase of permanent carbon credits as specified under RCW 80.70.030; or

(3) Investment in load-serving utility-controlled carbon dioxide mitigation projects, including combined heat and power (cogeneration).