HR 8437
Geo power act
Geo Power Act
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Bill overview
The Geothermal Power Opportunity With Expanded Regions Act, or Geo POWER Act, aims to encourage the development of geothermal energy in new areas of the United States. It seeks to accelerate the commercialization of advanced geothermal technologies, reduce the financial risks associated with geothermal exploration, and generate data to support future projects. The bill focuses on projects utilizing low-permeability and impermeable reservoirs, particularly in areas with limited geothermal activity, including tribal lands.
Key provisions
- Establishes a milestone-based geothermal demonstration program to provide innovative financing.
- Prioritizes projects in regions with limited geothermal activity, including tribal lands.
- Requires the Department of Energy to award financing to at least three different proposals and sponsors in at least three states.
- Focuses on projects with a potential electricity generation capacity of at least 30 megawatts.
- Encourages the collection and dissemination of data to characterize new geothermal resources.
- Amends the Energy Independence and Security Act of 2007 to include the new program.
- Defines ‘innovative financing’ as financial instruments for geothermal project development.
- Authorizes appropriations to fund the program.
Who is affected
- Geothermal energy developers
- The Department of Energy
- State governments
- Tribal nations
- Investors in geothermal projects
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
Nicholas J. [R-AK-At Large] Begich
Cosponsors
Pablo Jose [D-PR-At Large] Rescom. Hernández
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119th CONGRESS — 2d Session
H. R. 8437
IN THE HOUSE OF REPRESENTATIVES
A BILL
To advance next-generation geothermal electricity generation demonstration projects in new regions, and for other purposes.
This Act may be cited as the Geothermal Power Opportunity With Expanded Regions Act Geo POWER Act
or the
.
The purpose of this Act is to advance next-generation geothermal demonstration projects—
to accelerate the commercialization of next-generation geothermal technologies in diverse geologies and regions across the United States;
to overcome high upfront capital costs for geothermal exploration and drilling;
to generate public data to de-risk future geothermal projects in new geologies and regions; and
to catalyze geothermal demonstration projects and innovation through milestone-based financing to de-risk future geothermal projects.
Section 615 of the Energy Independence and Security Act of 2007 (42 U.S.C. 17194) is amended—
in subsection (a), by inserting the milestone-based geothermal demonstration program for projects in low permeability and impermeable reservoirs described in subsection (e) and
after including
;
in subsection (d), by striking paragraph (3); and
by adding at the end the following:
In this subsection:
The term innovative financing means financial instruments used to support geothermal energy project development, including transactions that the Secretary may enter into under section 646 of the Department of Energy Organization Act (42 U.S.C. 7256).
The term Program means the Milestone-Based Geothermal Demonstration Program established under paragraph (2).
Not later than 180 days after the date of enactment of this subsection, the Secretary shall establish a program, to be known as the Milestone-Based Geothermal Demonstration Program
, to award innovative financing to geothermal projects in low-permeability and impermeable reservoirs through a competitive process based on the achievement of technical and financial milestones, prioritizing—
geothermal projects in regions and geologies that have limited or no geothermal electricity generation as of the date of enactment of this paragraph, including on or near Indian land (as defined in section 2601 of the Energy Policy Act of 1992 (25 U.S.C. 3501));
geothermal projects that support the collection and dissemination of data to characterize new geothermal resources and technologies to catalyze future private investment;
new geothermal electricity production facilities with aggregate electricity generation capacity potential of not less than 30 megawatts or geothermal projects that advance innovative drilling or other innovations that enable the viability of commercial-scale geothermal electricity generation of not less than 30 megawatts; and
projects with the potential for attracting significant private sector investment.
In carrying out the Program, the Secretary shall request proposals for projects from project sponsors that meet the criteria described in paragraph (2).
The Secretary shall award innovative financing under paragraph (2)—
to not less than 3 different proposals in at least 3 different States; and
to not less than 3 different project sponsors.
The Secretary shall maintain staffing levels sufficient to administer innovative financing under paragraph (2).
The Secretary shall carry out a project under this subsection as a milestone-based demonstration project under section 9005 of the Energy Act of 2020 (42 U.S.C. 7256c).
There are authorized to be appropriated to the Secretary such sums as are necessary to carry out subsections (d) and (e).