Energy Loan Program Improvement Act of 2015
This bill amends the Energy Policy Act of 2005 to repeal the condition of a full appropriation under which the Department of Energy (DOE) may make loan guarantees intended to serve as incentives for innovative technologies, but retains as the sole condition for the making of a guarantee that DOE has received from the borrower payment in full for the cost of the guarantee, and has deposited such payment into the Treasury.
Any reorganization, restructuring, or termination of a debt obligation, as well as the debt obligation itself (as under current law), may not be subordinate to other financing.
If DOE has not made a final decision 270 days after receipt of the loan application, the applicant may submit a loan status request, and may repeat such request every 90 days thereafter until the final decision is made. DOE must respond to such a request within 10 days after receiving it, summarizing any delaying factors and estimating the date the application review will be completed.
The temporary program for rapid deployment of renewable energy and electric power transmission projects is repealed, and the unobligated balance of amounts available to implement it are rescinded.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1223 Introduced in Senate (IS)]
114th CONGRESS
1st Session
S. 1223
To amend the Energy Policy Act of 2005 to improve the loan guarantee
program for innovative technologies, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 6, 2015
Ms. Murkowski introduced the following bill; which was read twice and
referred to the Committee on Energy and Natural Resources
_______________________________________________________________________
A BILL
To amend the Energy Policy Act of 2005 to improve the loan guarantee
program for innovative technologies, 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 ``Energy Loan Program Improvement Act
of 2015''.
SEC. 2. BORROWER PAYMENT OF SUBSIDY COST.
Section 1702 of the Energy Policy Act of 2005 (42 U.S.C. 16512) is
amended by striking subsection (b) and inserting the following:
``(b) Borrower Payment of Subsidy Cost.--No guarantee shall be made
under subsection (a) unless the Secretary has received from the
borrower a payment in full for the cost of the guarantee and deposited
the payment into the Treasury.''.
SEC. 3. PROHIBITION ON SUBORDINATION OF DEBT.
Section 1702(d)(3) of the Energy Policy Act of 2005 (42 U.S.C.
16512(d)(3)) is amended by striking ``is not subordinate'' and
inserting ``(including any reorganization, restructuring, or
termination of the obligation) shall not at any time be subordinate''.
SEC. 4. LOAN PROGRAM TRANSPARENCY.
Section 1703 of the Energy Policy Act of 2005 (42 U.S.C. 16513) is
amended by adding at the end the following:
``(f) Loan Status.--
``(1) Request.--If the Secretary does not make a final
decision on an application for a loan guarantee under this
section by the date that is 270 days after receipt of the
application by the Secretary, on that date and every 90 days
thereafter until the final decision is made, the applicant may
request that the Secretary provide to the applicant a
description of the status of the application.
``(2) Response.--Not later than 10 days after receiving a
request from an applicant under paragraph (1), the Secretary
shall provide to the applicant a response that includes--
``(A) a summary of any factors that are delaying a
final decision on the application; and
``(B) an estimate of when review of the application
will be completed.''.
SEC. 5. TEMPORARY PROGRAM FOR RAPID DEPLOYMENT OF RENEWABLE ENERGY AND
ELECTRIC POWER TRANSMISSION PROJECTS.
(a) Repeal.--Section 1705 of the Energy Policy Act of 2005 (42
U.S.C. 16516) is repealed.
(b) Rescission.--There is rescinded the unobligated balance of
amounts made available to carry out the loan guarantee program
established under section 1705 of the Energy Policy Act of 2005 (42
U.S.C. 16516) (before the amendment made by subsection (a)).
(c) Management.--The Secretary of Energy shall ensure rigorous
continued management and oversight of all outstanding loans guaranteed
under the program described in subsection (b) until those loans have
been repaid in full.
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Introduced in Senate
Introduced in Senate
Read twice and referred to the Committee on Energy and Natural Resources.
Committee on Energy and Natural Resources. Hearings held. Hearings printed: S.Hrg. 114-344.
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