Sec. 401. Certification of cost-effective market penetration of clean electricity technologies
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Title VI of the Public Utility Regulatory Policies Act of 1978 ( 16 U.S.C. 2601 et seq.) is amended by adding at the end the following: Not later than 2 years after the date of enactment of this section, the Secretary, after consultation with the Administrator of the Environmental Protection Agency, shall establish a program, to be known as the Federal Decarbonization and Innovation Assessment Program , to annually review and monitor progress towards the achievement of— an 80 percent reduction in annual power sector carbon dioxide emissions, below the level in the year of enactment, by 2050; and cost-effective market penetration of advanced clean power generation technologies, in accordance with subsection (b).
Cost-effective market penetration of advanced clean power generation technologies shall be deemed to have occurred on the date when the Secretary determines that— at least 3 gigawatts of new electricity generating capacity using any type of eligible technology has come into commercial operation since enactment of this section, provided that— less than 50 percent of the capital costs of such capacity has been subsidized with Federal funds; and at least 1 gigawatt of the new electricity generating capacity using eligible technology is coal-fired electricity generation using carbon capture utilization and storage technology; or at least one type of eligible technology has similar operating characteristics, such as dispatchability upon demand and duty cycle, as existing fossil-fueled electricity generation and, based on data provided by the Energy Information Administration, has a total cost of electricity generation that is not more than 10 percent higher than the average total cost of electricity generation from such existing fossil-fueled electricity generation that has been constructed within the 5 years prior to enactment of this section.
Upon making the determination described under subsection (b), but no earlier than 5 years after enactment of this section, the Secretary shall certify that cost-effective market penetration of advanced clean power generation technologies has occurred. In this section: The term advanced dispatchable renewable generation means renewable electricity generation capacity that the Secretary has determined can be used upon demand by grid operators, including renewable electricity generation facilities that are supported by long-duration energy storage.
The term advanced nuclear power generation means electricity generation capacity using an advanced nuclear reactor, as such term is defined in section 640 of the Energy Policy Act of 2005. The term eligible technologies means the following types of technologies: Advanced nuclear power generation. Advanced dispatchable renewable generation. Fossil-fueled electricity generation equipped with carbon capture technology, from which at least 90 percent of carbon dioxide output is captured and utilized or stored in a manner that prevents emission to the atmosphere. .
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Sec. 401
Certification of cost-effective market penetration of clean electricity technologies
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