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Summary-Senate Energy Bill (S. 517) On April 25, 2002, the Senate passed comprehensive energy policy legislation (Energy Policy Act of 2002-S. 517), by a vote of 88 to 11. The House passed its energy legislation (Securing America's Future Energy Act of 2001-HR 4) on August 2, 2001. The Senate bill now goes to a conference committee to be reconciled with the House version. It is expected that the process of reconciling the House and Senate versions could take several months. After the final version of the Senate legislation is sent to the House, House leaders will announce their own conferees and set a date for the first conference meeting. Senate conferees were chosen based on overall seniority in the Senate, in accordance with a unanimous consent agreement. The agreement calls for eight Democrats, eight Republicans and one independent, and two of the chosen Democrats sit on neither committee. The Senate has announced 17 conferees for the upcoming energy bill conference - Chairman Jeff Bingaman (D-N.M.), Majority Whip Harry Reid (D-Nev.), and Sens. Max Baucus (D-Mont.), John Rockefeller (D-W.Va.), John Breaux (D-La.), Joe Lieberman (D-Conn.), Fritz Hollings (D-SC) and John Kerry (D-MA). The Republican conferees include committee ranking member Frank Murkowski (R-Alaska) and Pete Domenici (R-N.M.), Chuck Grassley (R-Iowa), Don Nickles (R-Okla.), Larry Craig (R-Idaho), Ben Nighthorse Campbell (R-Colo.), Craig Thomas (R-Wyo.) and Minority Leader Trent Lott (R-Miss.). The final conferee is Jim Jeffords (I-Vt.). The major issues addressed in the Senate bill include: Electricity The electricity title of the bill includes provisions that amend the Federal Power Act to address FERC authority over utility mergers, market-based rates, open access transmission by unregulated entities and electric reliability standards. The bill also repeals PUHCA and provides that the mandatory purchase requirement of PURPA will be repealed upon a FERC determination that competitive wholesale markets exist. Finally, the bill establishes a national renewable portfolio standard under which investorowned utilities will be required to generate 10 percent of their electricity from renewable sources by the year 2020. Hydropower The bill modifies the hydropower relicensing process under the Federal Power Act by requiring that federal resource agencies with authority to impose mandatory conditions on licenses (i.e. conditions that FERC must accept) approve more cost effective alternative conditions submitted by hydroelectric facility license applicants, so long as the proposals meets the agency's conditions for environmental protection. Nuclear Power The bill reauthorizes the Price-Anderson Act for commercial nuclear power plants and Department of Energy contractors until 2012. 1 Alaska Gas Pipeline Provisions designed to promote construction of a pipeline to deliver Alaskan natural gas to lower 48 markets. Provisions include mechanisms for expedited permitting provisions, a $10 billion loan guarantee for costs of construction, and a tax credit for the production of Alaska gas. Corporate Average Fuel Efficiency The bill requires the National Highway Traffic and Safety Administration establish new CAFE standards within 15 months of the date of enactment of the bill. During the debate, the Senate defeated an amendment that would have increased CAFE standards from 27.5 miles per gallon for cars and 20.7 miles per gallon for light trucks to a combined fleet average of 35 miles per gallon by 2015. Alternative and Renewable Fuels The bill contains a renewable fuels standard that mandates an increase in the use of fuels such as ethanol and biodiesel from 1.8 billion gallons today to 5 billion gallons by 2012. The bill also repeals the Clean Air Act's requirement that reformulated gasoline contain two percent oxygenate and bans the use of methyl tertiary butyl ether (MTBE) by 2004. Climate Change The bill establishes a White House office tasked with formulating a national strategy to stabilize GHG emissions. The strategy is to address four main objectives — reduction of GHG emissions, technology development, climate change adaptation research, and climate science research. The bill also establishes a GHG emissions inventory and GHG emission reduction registry that will be voluntary but then will become mandatory if less than 60 percent of the nation's GHG emissions are registered after five years. Energy Research and Development The extensive research and development components of the bill authorize R&D programs in renewables, climate change, natural gas, oil, coal, hydropower, and nuclear power as well as energy conservation and efficiency. Included is a provision for continued research and development of clean coal technology programs, authorizing a $2 billion/10 year clean coal demonstration program. Tax Provisions A $14.5 billion tax title includes provisions to encourage the purchase of hybrid-electric and alternative-fueled vehicles, production credits for electricity generated from clean coal technology units, credits for investment in clean coal technologies, and tax incentives for renewable energy, energy efficiency programs, oil and natural gas production, Indian reservations, and electricity restructuring initiatives. 2 Comparison of House and Senate Versions Issue Electricity Hydropower Licensing Nuclear Power Arctic Drilling Alaskan Natural Gas Pipeline Corporate Average Fuel Efficiency House (H.R. 4) No electricity restructuring provisions. Allows consideration of alternative conditions in licensing process. Orders FERC to revise data collection procedures in an effort to reduce the time and cost of the process Funding for nuclear research options, measures support the uranium and uranium enrichment industries. Allocates $10 million for research into spent fuel reprocessing. Renewal of the Price-Anderson Act passed later as a stand-alone measure. Opens the Arctic National Wildlife Refuge (ANWR) to oil and gas exploration. Language that would prohibit construction of any so-called ‘over the top’ route that would go under the Beaufort Sea and down through Canada to the lower 48 states Directs National Highway Traffic and Safety Administration to reduce the gasoline consumption of the light duty fleet by 5 billion gallons by 2010. Alternative and Renewable Fuels No alternative and renewable fuels provisons. Climate Change No climate change provisions. Senate (S. 517) Reliability language and efficiency language added, clearly defines state jurisdiction over retail electricity. Requirement that 10 percent of electricity comes from renewable sources by 2020. Approved similar alternative conditions. Would also extend time for relicensing applications to be filed from two years before expiration to three years, and broaden environmental standards on fish protection. Endorsement of programs to bring new nuclear power plants online by 2010. Establishes a Department of Energy Office of Spent Nuclear Fuel Research. Includes Price-Anderson renewal. Measure to open ANWR failed Loan guarantees to spur interest in the project. Specifies a ‘southern’ route through Alaska. National Highway Traffic and Safety Administration establish new CAFE standards within 15 months of the date of enactment of the bill. Mandates an increase in the use of fuels such as ethanol and biodiesel from 1.8 billion gallons today to 5 billion gallons by 2012. The bill also repeals the requirement that reformulated gasoline contain two percent oxygenate and bans the use of methyl tertiary butyl ether (MTBE) by 2004. White House office formed tasked with formulating a 3 Issue House (H.R. 4) Senate (S. 517) national strategy to stabilize GHG emissions. The bill also establishes a voluntary GHG emissions inventory and GHG emission reduction registry. Energy Research and Development $3.3 billion in tax incentives $1.9 billion in tax incentives Tax Provisions Approximately $33.5 billion in tax breaks, mostly aimed at promoting production, with only $10 billion targeted for conservation. Approximately $14.5 billion, in tax breaks for conservation and efficiency programs. 4