Adds new Article 18, Fair Procurement and Ownership Reform Act, in GS Chapter 62, providing as follows. Sets out the title and purpose of the Article.

Defines terms as they are used in the Article, including the following. Defines All-Source procurement as a competitive process for procuring energy resources from various generation technologies, including solar, wind, battery storage, hydropower, geothermal, and other renewable technologies as defined in GS 62-133.8. Defines large commercial or industrial customer as a retail customer of an electric public utility whose annual peak demand exceeds five megawatts. Defines offering utility as an electric public utility serving more than 150,000 North Carolina retail jurisdictional customers as of January 1, 2021. Defines small commercial or industrial customer as a retail customer of an electric public utility whose annual peak demand is less than or equal to five megawatts, excluding government customers.

Requires electric public utilities serving over 150,000 North Carolina customers to do the following: (1) conduct all-source competitive procurements at least once every two years or as directed by the North Carolina Utilities Commission (Commission), to meet future energy needs, including renewable energy and storage resources, with no technology-specific ownership mandates; (2) address identified system needs, including capacity, energy, and ancillary services of all solicitations; and (3) consider utility-owned resources alongside third-party proposals, with clear documentation to ensure compliance with this Chapter and equitable evaluation of all bids. Sets out the process for evaluating bids. Requires independent evaluators to oversee the procurement and solicitation process to ensure fairness and transparency; also requires them to review bids, scoring methods, and award decision and summarize them in a public report. Sets out criteria that must be used in evaluating proposals.

Prohibits offering public utilities and their affiliate from holding any mandated ownership percentages for procured energy resources. Eliminates utility ownership mandates for electricity generation. Prohibits public utilities from holding equity stakes in renewable projects procured through competitive bidding. Requires the Commission to allow public utilities to provide self-developed projects when procurement targets aren't met.

Requires the Commission to implement all-source procurement for renewable energy facilities with a nameplate capacity of 80 MW or less.

Sets out the process for the procurement process. Sets out requirements for the request for proposals. Sets out reporting requirements for public utilities within 90 days of the awarding of contracts. 

Requires the shared solar program capacity to be reassessed and reallocated as follows (1) large commercial or industrial customers, 45%, (2) small commercial or industrial customers, 25%, (3) government customers, 15%, and (4) residential customers, 15%. Requires customers of shared solar programs to receive bill credits based on the actual market value of energy and capacity from their allocated share. Retires renewable energy attributes and requires programs to include flexibility for subscription termination without penalty.

Sets out costs that public utilities may recover and sets out provisions governing capital cost caps. Provides that if a utility fails to meet procurement and carbon reduction targets, third-party developers may propose self-developed projects with faster review processes, so long as costs remain below market rate. Allows public utilities to propose self-developed projects only if bids fail to meet procurement targets and if proposed capital costs are below the cap.

Provides that if less than 50% of available program subscriptions are claimed within two years, the Commission may: (1) adjust bill credits to incentivize faster participation and greater equity and (2) implement monthly subscription incentives for customers who subscribe early, making participation easier and more cost-effective. Makes programs subject to biennial evaluations. Subjects programs that don't meet participation or deployment benchmarks to immediate reforms. Allows assessing penalties for public utilities that fail to comply with the all-source procurement requirements or demonstrate bias in the process. 

Sets out a timeline for implementation.

Includes a severability clause.

Effective October 1, 2025.