Ten in Ten Act - Establishes in the Treasury a Carbon Capture and Sequestration Deployment Acceleration Fund to be administered by the Department of Energy for promoting the establishment of at least 10 commercial-scale carbon capture and sequestration units in the next 10 years. (Carbon capture and sequestration is a three-step process: the capture, transport, and underground injection and geologic storage of carbon dioxide.)
Includes as eligible projects carbon capture and sequestration units that are designed for: (1) new, retrofitted, or upgraded coal-fired power plants; and (2) certain nonmodular power plants using integrated gasification combined cycle technology.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2776 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2776
To establish a Carbon Capture and Sequestration Deployment Acceleration
Fund to promote the establishment of not fewer than 10 commercial-scale
carbon capture and sequestration units in the United States during the
next 10 years, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
August 1, 2014
Mr. Walsh introduced the following bill; which was read twice and
referred to the Committee on Energy and Natural Resources
_______________________________________________________________________
A BILL
To establish a Carbon Capture and Sequestration Deployment Acceleration
Fund to promote the establishment of not fewer than 10 commercial-scale
carbon capture and sequestration units in the United States during the
next 10 years, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ten in Ten Act''.
SEC. 2. CARBON CAPTURE AND SEQUESTRATION DEPLOYMENT ACCELERATION FUND.
(a) Establishment of Fund.--There is established in the Treasury a
fund to be known as the ``Carbon Capture and Sequestration Deployment
Acceleration Fund'' (referred to in this section as the ``Fund''), to
be administered by the Secretary of Energy (referred to in this section
as the ``Secretary''), to be available without fiscal year limitation
and without further appropriation, to promote the establishment of not
fewer than 10 commercial-scale carbon capture and sequestration units
in the United States during the 10-year period beginning on the date of
enactment of this section.
(b) Use of Fund.--
(1) In general.--Of amounts in the Fund, the Secretary may
use such sums as are necessary to provide grants or other forms
of financial support that--
(A) capture carbon dioxide from electric generation
units that--
(i) generate and sell electric power
directly to consumers or for resale;
(ii) use coal or petroleum coke for at
least 75 percent of the fuel used by the units;
and
(iii) transport the captured carbon dioxide
to a permanent geological storage site in the
United States, or to a site on the North
American Continent, for use for hydrocarbon
recovery;
(B) have a useful life of not fewer than 15 years;
(C) emphasize modular designs and are capable of
generating at least 100 megawatts of electricity
output;
(D) capture and sequester not less than 65 percent
of the total carbon dioxide emissions of the electric
generation units; and
(E) apply to a diverse mix of coal ranks,
generation systems, geographic locations, capture
systems, and sequestration characterizations and
systems, including saline sequestration, enhanced oil
recovery, and other beneficial uses of carbon dioxide.
(2) Eligible projects.--Eligible projects under this
paragraph include carbon capture and sequestration units that
are designed for--
(A) new coal-fired electric generation units;
(B) retrofit or upgrade of existing coal-fired
electric generation units; and
(C) notwithstanding paragraph (1)(C), nonmodular
units that are larger than 250 megawatts and designed
for integrated gasification combined cycle electric
generation units.
(c) Transfers to Fund.--There is transferred into the Fund
established by subsection (a) $10,000,000,000 out of any funds in the
Treasury not otherwise appropriated.
(d) Prohibition.--Amounts in the Fund may not be made available for
any purpose other than a purpose described in subsections (a) and (b).
(e) Annual Reports.--
(1) In general.--Not later than 60 days after the end of
each fiscal year beginning with fiscal year 2015, the Secretary
shall submit a report on the operation of the Fund during the
fiscal year to--
(A) the Committee on Appropriations of the Senate;
(B) the Committee on Appropriations of the House of
Representatives;
(C) the Committee on Energy and Natural Resources
of the Senate; and
(D) the Committee on Energy and Commerce of the
House of Representatives.
(2) Contents.--Each report shall include, for the fiscal
year covered by the report, the following:
(A) A statement of the amounts deposited into the
Fund.
(B) A description of the expenditures made from the
Fund for the fiscal year, including the purpose of the
expenditures.
(C) Recommendations for additional authorities to
fulfill the purpose of the Fund.
(D) A statement of the balance remaining in the
Fund at the end of the fiscal year.
<all>
Introduced in Senate
Read twice and referred to the Committee on Energy and Natural Resources.
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