Sec. 301. Energy Upgrade and Retrofit Infrastructure Fund
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There is established in the Treasury a fund to be known as the Energy Upgrade and Retrofit Infrastructure Fund (referred to in this section as the Fund ), to be administered by the Secretary of Energy, to be available without fiscal year limitation and not subject to appropriation, for use in accordance with subsection (e). For the period of fiscal years 2015 through 2034, the Secretary of the Treasury shall deposit in the Fund, out of amounts in the Treasury not otherwise obligated, $8,000,000,000.
The Secretary of the Treasury shall invest such portion of the Fund as is not, in the judgment of the Secretary, required to meet current withdrawals. The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to, and form a part of, the Fund. Amounts in the Fund may not be made available for any purpose other than a purpose described in subsection (e). Of amounts in the Fund, the Secretary of Energy may use, in accordance with this title, such sums as are necessary to provide grants, loans, loan guarantees, or other credit financing instruments, including any such instruments under the Energy Policy Act of 2005 (42 U.S.C. 15801 et seq.), to support novel and innovative technologies that— capture or prevent carbon dioxide emissions from carbon-based fuels; enable the beneficial use of carbon dioxide and other greenhouse gases; enable the long-term storage of carbon dioxide; reduce net carbon emissions from the fleet of electric generation units in a State or region of the bulk electric system; or construct, upgrade, or retrofit electric transmission property that serves the public interest by facilitating the deployment of low-carbon energy sources while ensuring reliability and reducing congestion.
In carrying out paragraph (1), the Secretary of Energy shall give priority to projects that upgrade or retrofit existing infrastructure for the generation and transmission of electric power. Not less than 60 percent of amounts expended under this subsection shall be for commercial-scale, coal-fired electric generation units— designed to generate and sell electric power directly to consumers or for resale; and with a carbon dioxide capture and storage system having a useful life of not fewer than 15 years.
Eligible projects under this paragraph include projects for— the construction of new coal-fired electric generation units; the retrofitting of existing coal-fired electric generation units; or the construction of carbon dioxide transmission pipelines to transport carbon dioxide from carbon capture and sequestration facilities to— sequestration sites; or sites at which the carbon dioxide will be used for hydrocarbon recovery. Not later than 60 days after the end of each fiscal year beginning with fiscal year 2015, the Secretary of Energy shall submit to the Committee on Appropriations of the House of Representatives, the Committee on Appropriations of the Senate, and authorizing committees a report on the operation of the Fund during the fiscal year.
Each report shall include, for the fiscal year covered by the report, the following: A statement of the amounts deposited into the Fund. A description of the expenditures made from the Fund for the fiscal year, including the purpose of the expenditures. Recommendations for additional authorities to fulfill the purpose of the Fund. A statement of the balance remaining in the Fund at the end of the fiscal year.
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Sec. 301
Energy Upgrade and Retrofit Infrastructure Fund
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