H.R.6258 - Carbon Capture and Storage Early Deployment Act110th Congress (2007-2008)
|Sponsor:||Rep. Boucher, Rick [D-VA-9] (Introduced 06/12/2008)|
|Committees:||House - Energy and Commerce; Science and Technology|
|Latest Action:||House - 07/10/2008 Subcommittee Hearings Held. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6258 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (06/12/2008)
Carbon Capture and Storage Early Deployment Act - Authorizes qualified industry organizations to conduct a referendum among the owners or operators of distribution utilities delivering fossil fuel-based electricity for the creation of a Carbon Storage Research Corporation. Requires the Corporation to be established as a division or affiliate of the Electric Power Research Institute upon approval of those persons representing two-thirds of the total quantity of fossil fuel-based electricity delivered to retail consumers.
Requires the Corporation, annually, to collect an assessment on such distribution utilities that shall reflect the relative carbon dioxide emission rates of different fossil fuel-based electricity. Sets initial rates of assessment for coal, natural gas, and oil. Authorizes the Corporation to adjust the assessments to reflect changes in the expected quantities of such electricity from different fuel types such that the assessments generate between $1.0 billion and $1.1 billion annually.
Authorizes the Corporation to collect assessments and conduct operations for 10 years. Dissolves the Corporation after 15 years.
Provides for the Corporation to use funds derived from assessments to: (1) issue grants and contracts to private, academic, and governmental entities to accelerate the commercial demonstration or availability of carbon dioxide capture and storage technologies and methods; and (2) purchase carbon dioxide through reverse auctions or other acquisition methods when needed to conduct tests of carbon dioxide store sites in the case of established projects that are storing carbon dioxide emissions.
Requires: (1) the Corporation to support large-scale demonstrations of carbon capture and storage (CCS) technologies capable of advancing the technologies to commercial readiness; and (2) the Corporation's Board to establish policies regarding the ownership of intellectual property developed as a result of Corporation support that encourage individual ingenuity and invention.
Authorizes Corporation grants or contracts for programs or projects of the Department of Energy (DOE) or its affiliated national laboratories and other fossil energy research entities and of academic organizations or consortia to accelerate the commercial development and demonstration of CCS or carbon capture and conversion technologies.
Provides for recovery of a distribution facility's costs of complying with this Act.