Appropriations Agreement Furthers EPACT Initiatives
Provides needed funding for nuclear energy, renewable energies and science
January 30, 2007
02:07 PM
Washington, D.C. – Loan guarantees, nuclear power, science and renewable energy are the big winners in the agreement among Senate and House appropriators about what adjustments should be made in the FY ’07 funding levels to reflect legislative priorities and protect jobs.
As ranking member of the Energy & Water Appropriations Committee, Domenici fought hard during negotiations to retain funding for his priorities in the Energy Policy Act of 2005 as well as for subsequent Administration proposals like the Global Nuclear Energy Partnership.
Domenici’s statement:
“This is a huge win for clean energy. It’s a win for nuclear power and it’s an important victory in our push to maintain America’s leading edge in science and technology.
“This agreement is particularly important to the ongoing implementation of the Energy Policy Act of 2005. We have assured funding for the key initiatives in this landmark legislation. Now we can keep moving America forward toward our energy goals. We can do more to diversify our supply, reduce our reliance on foreign oil and expand our use of clean energy. It would have been unacceptable to lose this momentum because of political gridlock on Capitol Hill.
“I negotiated hard for the loan guarantee program. This program holds huge promise for new nuclear power, clean coal projects and other promising technologies we hope will reduce our reliance on foreign oil. I’m pleased that DOE can now move forward with the funding it needs.
“I am pleased that DOE will have additional funds for the critical components of GNEP and NP2010 as well as the authority to direct other funds to these initiatives.
“Finally, I am pleased at the expanded funding for Renewable Energy R&D as well as the increased funding for The Office of Science. Congress and the President have set ambitious goals for replacing foreign oil with clean, alternative energies. The President encapsulated those goals in American Competitiveness Initiative. Reaching those goals requires a heavy investment in science, research and development. This agreement recognizes that reality.”
THE AGREEMENT:
- Allows DOE to award as much as $4 billion in federal loan guarantees for innovative and alternative energy projects authorized in EPACT. The resolution will provides $7 million to create and staff the loan guarantee office.
- Provides $41 million above FY’06 levels for nuclear energy research and development. GNEP will receive a total of $120.2 million – a level DOE believes is sufficient to sustain critical R&D. DOE has been given the authority to move additional money toward this and other nuclear R&D programs.
- Gives the Office of Science an additional $330 toward the President’s American Competitiveness Initiative. This represents a nearly 10 percent increase for an office that has seen flat funding in recent years.
- Provide an additional $300 million for renewable energy R&D.
- Prohibits for one year the Administration’s proposed interest rate increase for the Power Marketing Administrations, the three agencies that market the power from federally-owned dams.
