Today the Senate passed its version of a comprehensive energy bill. With a vote of 85-12, it appears this year it has a far better chance of enactment than the attempts over the last three years. Both the House and Senate versions would provide incentives to encourage domestic production of fossil fuels and nuclear power, however the Senate measure also includes financial incentives for fuel conservation and alternative energy sources. While a date has not yet been set for the conference committee to begin its deliberations, Leaders are aiming for the second week in July once Congress returns from the July 4th recess. The White House has called on Congress to deliver a final bill to President Bush before it leaves for the August recess.
Included in the Senate version of the bill are the following provisions:
Limited incentives to stimulate investment in the first new nuclear power plants that the industry expects to be ordered later this decade.
Renewal of the Price-Anderson Act, the framework for industry self-funded liability insurance, for 20 years.
Authorization of funding for research and development aimed at developing advanced nuclear power plants, more proliferation-resistant nuclear fuel and improved methods for managing used nuclear fuel.
Direction to the Department of Energy to research cost-effective technologies for increasing the safety and security of nuclear facilities.
The main differences between the two versions of the bill surround four issues: global warming and greenhouse gas emissions; offshore oil and gas drilling; clean fuels and MTBE, a gasoline additive that can pollute groundwater; and energy tax incentives. The Senate bill also includes $14 billion in tax incentives and loan guarantees designed to increase domestic energy supplies from renewable sources, including wind and solar, as well from traditional fuels such as oil, natural gas and coal. While the House version includes just $8 billion in tax incentives, focused almost exclusively on traditional fossil fuel and nuclear sources.
