S. 3586Senate111th Congress (2009-2011)In Committee

Geothermal Exploration Act of 2010

Sponsored by Harry ReidSen. Harry Reid (D-NV)
Introduced July 14, 2010

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Energy and Natural Resources. (text of measure as introduced: CR S5855)

July 14, 2010

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SenateIntro Referral

Introduced in Senate

July 14, 2010

SenateIntro Referral

Read twice and referred to the Committee on Energy and Natural Resources. (text of measure as introduced: CR S5855)

July 14, 2010

Floor Debate

4 members

What members said about S. 3586 on the floor

1 Republican3 Democrats
Mark Udall
Sen. Mark UdallD-CO · Jul 14, 2010

Mr. President, today I am introducing legislation to help the Pentagon turn energy from a source of risk to a source of advantage. The Department of Defense, DOD, Energy Security Act would decrease…

Richard G. Lugar
Sen. Richard G. LugarR-IN · Jul 14, 2010

Mr. President, I rise today to introduce the Defense Trade Treaty Implementation Act of 2010. The purpose of this bill is to provide authority to implement two treaties on defense trade cooperation…

Thomas R. Carper
Sen. Thomas R. CarperD-DE · Jul 14, 2010

Mr. President, I rise today with my colleague Senator Bennett to introduce an important and bipartisan piece of legislation that will help protect American's from identity and financial theft. As you…

Harry Reid
Sen. Harry ReidD-NV · Jul 14, 2010

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Harry Reid
Sen. Harry ReidD-NV · Jul 14, 2010

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

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Introduced in SenateIssued July 14, 2010

II

111th CONGRESS

2d Session

S. 3586

IN THE SENATE OF THE UNITED STATES

July 14, 2010

Mr. Reid (for himself, Mr. Tester, Mr. Merkley, Mr. Udall of Colorado, and Mr. Begich) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources

A BILL

To promote the mapping and development of United States geothermal resources by establishing a direct loan program for high risk geothermal exploration wells.

1.

Short title

This Act may be cited as the Geothermal Exploration Act of 2010.

2.

Geothermal exploratory drilling loan program

(a)

Definitions

In this section:

(1)

Fund

The term Fund means the Geothermal Investment Fund established under subsection (h).

(2)

Program

The term program means the direct loan program for high risk geothermal exploration wells established under this section.

(3)

Secretary

The term Secretary means the Secretary of Energy.

(b)

Establishment

The Secretary shall establish a direct loan program for high risk geothermal exploration wells.

(c)

Applications

An applicant that seeks to receive a loan under the program may submit to the Secretary an application for the loan at such time, in such form, and containing such information as the Secretary may prescribe.

(d)

Project criteria

(1)

In general

In selecting applicants for loans under this section to carry out projects under the program, the Secretary shall consider—

(A)

the potential for unproven geothermal resources that would be explored and developed under a project;

(B)

the expertise and experience of an applicant in developing geothermal resources; and

(C)

the importance of the project in meeting the goals of the Department of Energy.

(2)

Preference

In selecting applicants for loans under this section to carry out projects under the program, the Secretary shall provide a preference for previously unexplored, underexplored, or unproven geothermal resources in a variety of geologic and geographic settings.

(e)

Data sharing

Data from all exploratory wells that are carried out under the program shall be provided to the Secretary and the Secretary of the Interior for use in mapping national geothermal resources and other uses, including—

(1)

subsurface geologic data;

(2)

metadata;

(3)

borehole temperature data; and

(4)

inclusion in the National Geothermal Data System of the Department of Energy.

(f)

Administration

(1)

Cost share

(A)

In general

The Secretary shall determine the cost share for a loan made under this section.

(B)

Higher risks

The Secretary may base the cost share percentage for loans made under this section on a sliding scale, with higher Federal shares awarded to projects with higher risks.

(2)

Number of wells

The Secretary shall determine the number of wells for each selected geothermal project for which a loan may be made under this section.

(3)

Unproductive projects

The Secretary may grant further delays or dispense with the repayment obligation on a demonstration that a selected geothermal project is unproductive.

(g)

Loan repayment

(1)

Commencement

The recipient of a loan made under this section for a geothermal facility shall commence repayment of the loan beginning on the earlier of—

(A)

the date that is 4 years after the date the loan is made; or

(B)

the date on which the geothermal facility enters into commercial production.

(2)

Term

(A)

In general

Except as provided in subparagraph (B), the term of a loan made under this section shall be 4 years beginning on the applicable loan repayment commencement date under paragraph (1).

(B)

Extension

The Secretary may extend the term of a loan under this section for not more than 4 years.

(3)

Use of loan repayments

Amounts repaid on loans made under this section shall be deposited in the Fund.

(h)

Geothermal Investment Fund

(1)

Establishment of Fund

There is established in the Treasury of the United States a fund to be known as the Geothermal Investment Fund, to be administered by the Secretary, to be available without fiscal year limitation and not subject to appropriation, to carry out this section.

(2)

Transfers to Fund

The Fund shall consist of such amounts as are appropriated to the Fund under subsection (j).

(3)

Prohibition

Amounts in the Fund may not be made available for any purpose other than a purpose described in paragraph (1).

(4)

Annual reports

(A)

In general

Not later than 60 days after the end of each fiscal year beginning with fiscal year 2011, the Secretary of Energy shall submit to the the Committee on Energy and Natural Resources of the Senate and the Committee on Energy and Commerce of the House of Representatives a report on the operation of the Fund during the fiscal year.

(B)

Contents

Each report shall include, for the fiscal year covered by the report, the following:

(i)

A statement of the amounts deposited into the Fund.

(ii)

A description of the expenditures made from the Fund for the fiscal year, including the purpose of the expenditures.

(iii)

Recommendations for additional authorities to fulfill the purpose of the Fund.

(iv)

A statement of the balance remaining in the Fund at the end of the fiscal year.

(i)

Guidelines

Not later than 180 days after the date of enactment of this Act, the Secretary shall develop guidelines for the implementation of the program.

(j)

Authorization of appropriations

There are authorized to be appropriated to carry out this section such sums as are necessary for each of fiscal years 2011 through 2020.