S.Amdt. 900

1. Adds SEC. __. RATEPAYER PROTECTION wherever appropriate

   Adds a section

   Inserted: SEC. __. RATEPAYER PROTECTION.

   Inserted: (a) Study of Effects of Utility Actions to Reduce Carbon Dioxide Emissions on Disadvantaged Individuals.--

   Inserted: (1) Definitions.--In this subsection:

   Inserted: (A) Disadvantaged individual.--The term "disadvantaged individual" means--

   Inserted: (i) an individual with a disability, as defined in section 3 of the Americans with Disabilities Act of 1990 (42 U.S.C. 12102);

   Inserted: (ii) a member of a family whose income does not exceed the poverty line, as defined in section 673 of the Community Services Block Grant Act (42 U.S.C. 9902);

   Inserted: (iii) an individual who belongs to a minority group;

   Inserted: (iv) a senior citizen; and

   Inserted: (v) other disadvantaged individuals.

   Inserted: (B) Utility.--The term "utility" means any for-profit organization that--

   Inserted: (i) provides retail customers with electricity services; and

   Inserted: (ii) is regulated, either by price or terms of service, by 1 or more State utility or public service commissions.

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   Inserted: (2) Study.--Not later than 30 days after the date of enactment of this Act, the Congressional Budget Office, in consultation with other appropriate organizations, shall initiate a study to determine the effect on disadvantaged individuals of actions taken or considered, or likely to be taken or considered, by utilities to reduce the carbon dioxide emissions of the utilities.

   Inserted: (3) Report.--

   Inserted: (A) In general.--Not later than 1 year after the date of enactment of this Act, the Congressional Budget Office shall submit to Congress a report that specifically describes the results of the study, including the economic costs to disadvantaged individuals of actions by utilities intended to reduce carbon dioxide emissions.

   Inserted: (B) Review period.--Congress shall have 180 days after the date of receipt by Congress of the report described in subparagraph (B) to review the report.

   Inserted: (C) Effective date.--If the Congressional Budget Office determines that there would be an additional economic burden on any of the classes of disadvantaged individuals if the costs of actions by utilities intended to reduce carbon dioxide emissions were recovered from ratepayers, the amendment made by section 3 shall take effect on the day after the end of the review period described in subparagraph (B).

   Inserted: (b) Payments to Electric Generating Units.--

   Inserted: (1) In general.--Beginning in calendar year 2008 and each subsequent calendar year, any electric generating unit that incurs any costs in complying with the requirements of that title shall submit to the Commissioner of the Federal Energy Regulatory Commission (referred to in this subsection as the "Commissioner") a statement of the total costs incurred by the electric generating unit for the calendar year.

   Inserted: (2) Approved costs.--The Commissioner shall--

   Inserted: (A) review any costs submitted under paragraph (1);

   Inserted: (B) approve or disapprove the submitted costs as legitimate; and

   Inserted: (C) determine the total amount of approved costs submitted by all electric generating utilities.

   Inserted: (3) Average costs.--The Commissioner shall determine--

   Inserted: (A) the total megawatts of electricity produced from all electric generating units for the calendar year; and

   Inserted: (B) the average cost per megawatt incurred in complying with any carbon reduction mandates of this Act by dividing--

   Inserted: (i) the total costs approved under paragraph (2)(C); by

   Inserted: (ii) the total megawatts determined under subparagraph (A).

   Inserted: (4) Payments to commissioner.--Each electric generating unit shall submit to the Commissioner a payment in an amount equal to the product obtained by multiplying--

   Inserted: (A) the average cost per megawatt determined by the Commissioner under paragraph (3)(B); and

   Inserted: (B) the total megawatts of electricity produced by the electric generating unit during a calendar year, as determined by the Commissioner.

   Inserted: (5) Reimbursement of costs.--The Commissioner shall provide to each electric generating unit that submitted costs under paragraph (1) that were approved under paragraph (2) an amount to reimburse the electric generating unit for any costs of complying with any carbon reduction mandates of this Act paid by the electric generating unit in excess of the amount required to be paid by the electric generating unit under paragraph (4).

   Inserted: (6) Regulations.--The Commissioner shall issue regulations to carry out this subsection, including provisions that establish--

   Inserted: (A) criteria for determining the legitimacy of costs under paragraph (2);

   Inserted: (B) a deadline and other appropriate conditions for payments required under paragraph (4); and

   Inserted: (C) procedures for the provision of reimbursement payments under paragraph (5).

   Inserted: (c) Utility Actions to Reduce Carbon Dioxide Emissions.--The National Climate Program Act (15 U.S.C. 2901 et seq.) is amended by adding at the end the following:

   Inserted: "SEC. 9. UTILITY ACTIONS TO REDUCE CARBON DIOXIDE EMISSIONS.

   Inserted: "(a) Definition of Utility.--In this section, the term 'utility' means any organization that--

   Inserted: "(1) provides retail customers with electricity services; and

   Inserted: "(2) is regulated, either by price or terms of service, by 1 or more State utility or public service commissions.

   Inserted: "(b) Ratepayer Protections.--

   Inserted: "(1) In general.--No utility may recover from ratepayers any costs, expenses, fees, or other outlays incurred for the stated purpose by the utility to reduce carbon dioxide emissions.

   Inserted: "(2) Prohibition on certain commission actions.--No State utility commission, public service commission, or similar entity may compel ratepayers to pay the costs, expenses, fees, or other outlays incurred for the stated purpose by a utility to reduce carbon dioxide emissions.

   Inserted: "(c) Shareholder Obligations Unaffected.--Nothing in this section prevents the shareholders of, or other parties associated with (other than ratepayers), a utility from paying for any action by the utility to reduce carbon dioxide emissions.".

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   Original wording

   At the appropriate place, insert the following:

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As printed