The General Assembly strongly encourages the electric companies of the State to pursue diligently federal funds to meet the State’s policy goals for the electric system, including funds made available under the federal Infrastructure Investment and Jobs Act or the federal Inflation Reduction Act. The Commission and the Maryland Energy Administration shall provide assistance and support to electric companies for applying for and obtaining access to federal and other available funds to meet the State’s policy goals. The Maryland Energy Administration shall identify funding sources that may be available to electric companies to implement the State’s policy goals under § 7–802 of this subtitle, including funding for: increasing the efficiency of electric systems, including through installation and integration of energy storage devices and operational changes and upgrades; grid–hardening activities to reduce the occurrence of or consequences of events that disrupt operations of the electric system due to extreme weather or natural disasters; other electric system enhancement activities available for funding under the federal Infrastructure Investment and Jobs Act or the federal Inflation Reduction Act; and other specific activities that the Commission identifies. As needed to promote the State’s policy goals under § 7–802 of this subtitle, the Commission: shall require each electric company to report at least quarterly to the Commission and the Maryland Energy Administration on: the funding for which the electric company has applied; the purposes for which the funding is intended to be used; the status of the funding applications; and conditions that must be met to obtain the funding; and shall adopt regulations or issue orders: that require electric companies to apply for federal and other available funds in a timely manner; and in order to ensure that least–cost debt is used.