Sec. 30444. Energy community reinvestment financing
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Title XVII of the Energy Policy Act of 2005 is amended by inserting after section 1705 ( 42 U.S.C. 16516 ) the following: In addition to amounts otherwise available, there is appropriated to the Secretary for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $5,000,000,000, to remain available until September 30, 2026, for the cost of providing financial support under this section, the gross principal amount of which shall not exceed $250,000,000,000.
Notwithstanding section 1702(f) and section 1703, and not later than 180 days after the date of enactment of this section, the Secretary shall establish a program to provide financial support, in such form and on such terms and conditions as the Secretary determines appropriate, to eligible entities for the purpose of making or enabling low-carbon reinvestments in energy communities, which such reinvestments may include— supporting workers who are or have been engaged in providing, or have been affected by the provision of, energy-intensive goods or services by helping such workers find employment opportunities, including by providing training and education; redeveloping a community that is or was engaged in providing, or has been affected by the provision of, energy-intensive goods or services; accelerating remediation of environmental damage caused by the provision of energy-intensive goods or services; and mitigating the effects on customers of any significant reduction in the carbon intensity of goods or services provided by the eligible entity, including by the cost-effective abatement of greenhouse gas emissions from continuing operations and the repowering, retooling, repurposing, redeveloping, or remediating of any long-lived assets, lands, or infrastructure currently or previously used by the eligible entity primarily to support the provision of energy-intensive goods or services.
To apply for financial support provided under this section, an eligible entity shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require, which such application shall include— a detailed plan describing the activities to be carried out in accordance with subsection (b), including activities for the measurement, monitoring, and verification of emissions of greenhouse gases; and if the eligible entity is a utility subject to regulation by a State commission or other State regulatory authority, assurances, as determined appropriate by the Secretary, that such eligible entity shall pass through any financial benefit from the provision of any financial support under this section to its customers or energy communities.
Notwithstanding section 1702(h)(1), the Secretary shall charge and collect a fee from each eligible entity that received financial support provided under this section in an amount the Secretary determines sufficient to cover applicable administrative expenses (including any costs associated with third party consultants engaged by the Secretary). Any cost for any financial support provided under this section shall be paid in accordance with subsection
(b)of section 1702 (for purposes of which any reference in such subsection to a guarantee shall be considered to be a reference to financial support). In this section: Notwithstanding section 1701, the term cost has the meaning given such term in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a ). The term eligible entity means any entity that is directly affiliated with the provision of energy-intensive goods or services. The term energy community means a community whose members are or were engaged in providing, or have been affected by the provision of, energy-intensive goods and services. The term financial support means any credit product or support the Secretary determines appropriate to implement this section, including— a line of credit; and a guarantee, including of a letter of credit for the purposes of subsection (b)(3). .
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