In this section the following words have the meanings indicated. “Delivery year” has the meaning stated in the PJM Interconnection glossary. “Energy storage device” has the meaning stated in § 7–216 of this subtitle. “Investor–owned electric company” has the meaning stated in § 7–216 of this subtitle. “Program” means the Maryland Energy Storage Program. The Commission shall establish targets for the cost–effective deployment of new energy storage devices in the State with a goal of achieving: 750 megawatts of cumulative energy storage capacity by the end of delivery year 2027; 1,500 megawatts of cumulative energy storage capacity by the end of delivery year 2030; and 3,000 megawatts of cumulative energy storage capacity by the end of delivery year 2033. If a target specified in paragraph (1) of this subsection cannot be met cost effectively, the target shall be reduced to the maximum cost–effective amount of energy storage, measured in megawatts, that can be deployed by the end of the delivery year for the target. The Commission shall establish the Maryland Energy Storage Program. The Program shall be implemented no later than July 1, 2025. The Program shall include competitive procurement mechanisms to reach a minimum of 3,000 megawatts of energy storage, or the maximum cost–effective amount of energy storage that can be deployed, by the end of delivery year 2033. The Program may include: a system of energy storage credits and market–based incentives designed to: develop a robust energy storage market in the State; and deploy energy storage devices in a cost–effective manner; a requirement that investor–owned electric companies: install or contract for energy storage devices; or contract for credits from an energy storage project under § 7–216 of this subtitle; a requirement that Program participants make reasonable efforts to apply for all applicable State and federal grants, rebates, tax credits, loan guarantees, and other similar benefits as the benefits become available; or any other mechanism or policy that the Commission determines is appropriate to achieve the goal of a robust, cost–effective energy storage system in the State. On or before November 1 each year, the Commission shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on the status of the Program, including: the capacity of operational energy storage devices in the State that is being counted toward the capacity goal established under subsection (c)(3) of this section, disaggregated by: electric company service territory; energy storage device capacity; front–of–meter transmission–level storage; front–of–meter distribution–level storage; behind–the–meter storage; and any other relevant category, as determined by the Commission; whether the capacity goal established under subsection (c)(3) of this section should be altered; barriers to achieving the goals identified under this section; and any other information the Commission considers pertinent.