Notwithstanding the specific requirements imposed on an electric company by ORS § 469.631 to 469.645 and 469.860 to 469.900, an electric company meets the requirements of ORS § 469.631 to 469.645 and 469.860 to 469.900 if the electric company:

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(1) Meets the public purpose expenditure standard established under ORS § 757.612; and

(2) Plans for and pursues cost-effective energy efficiency and demand response resources as required under ORS § 757.054. [2021 c.547 § 7]