Coal with Carbon Capture and Sequestration Act of 2015

Bill: 114-s-1285
Sponsor: full_name: Sen. Heitkamp, Heidi [D-ND]
Introduced: 2015-05-11
Policy area: Energy
Subjects: Climate change and greenhouse gases

Coal

Electric power generation and transmission

Energy prices

Public contracts and procurement
Latest action: action_date: 2015-05-19
text: Committee on Energy and Natural Resources. Hearings held.

Summaries:
action_date: 2015-05-11
action_desc: Introduced in Senate
text: <p><b>Coal with Carbon Capture and Sequestration Act of 2015</b></p> <p>This bill authorizes the Department of Energy to enter into 25-year binding contracts that provide price stabilization support for electricity generated at either an electric generation unit (that uses coal-based generation technology) or carbon dioxide captured from such unit and subsequently sold to a purchaser for either crude oil recovery or other commercial market purposes.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1285 IN THE SENATE OF THE UNITED STATES May 11, 2015 Ms. Heitkamp (for herself and Mr. Manchin ) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources A BILL To authorize the Secretary of Energy to enter into contracts to provide certain price stabilization support relating to electric generation units that use coal-based generation technology.

1. Short title This Act may be cited as the Coal with Carbon Capture and Sequestration Act of 2015 . 2. Findings Congress finds that— (1) the high cost of installing and using technology to capture carbon dioxide from coal-fueled electric generating units can be mitigated by providing certainty, for a limited period of time, with respect to revenues from the sale of captured carbon dioxide; (2) the volatility of crude oil prices that determine the price paid for carbon dioxide creates uncertain market prices for carbon dioxide that is purchased and used to recover crude oil or for other beneficial purposes; (3) assistance to stabilize the price received for carbon dioxide captured during the use of coal provides a degree of certainty to debt providers and investors with respect to the revenues to be received from the sale of carbon dioxide; and (4) creating added certainty that captured carbon dioxide would receive a certain, agreed upon price for a limited period of time would help to ensure that carbon capture and storage technology would be developed and used. 3. Contracting authority of the Secretary (a) Definition of electric generation unit In this section, the term electric generation unit means an electric generation unit that uses coal-based generation technology. (b) Contracting authority Beginning on the date of enactment of this Act, the Secretary of Energy may enter into binding contracts on behalf of the Federal Government, the duration of which shall not exceed 25 years, with qualified parties to provide price stabilization support for electricity generated at an electric generation unit or carbon dioxide captured from an electric generation unit and sold to a purchaser for— (1) the recovery of crude oil; or (2) other purposes for which a commercial market exists.