Alternative means for meeting energy conservation requirements. 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

(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]