Revises energy independence act provisions regarding energy conservation and renewable energy targets.

Requires cost-effective conservation savings reported for the purposes of meeting certain conservation targets established in this act to be measured taking into consideration the overall reduction in normalized metered electricity consumption, where these measurement techniques are feasible and cost-effective.

Requires an investor-owned utility, in meeting its conservation targets, to offer: (1) A meter-based performance program option; and

(2) An energy performance baseline program option.