Section 1 Energy security valuation
Establishment of Energy Security Valuation Methods— Not later than one year after the date of enactment of this Act, the Secretary of Energy, in collaboration with the Secretary of State, shall develop and transmit, after public notice and comment, to the Committee on Energy and Commerce and the Committee on Foreign Affairs of the House of Representatives and the Committee on Energy and Natural Resources and the Committee on Foreign Relations of the Senate a report that develops recommended United States energy security valuation methods. In developing the report, the Secretaries may consider the recommendations of the Administration’s Quadrennial Energy Review released on April 21, 2015. The report shall—
evaluate and define United States energy security to reflect modern domestic and global energy markets and the collective needs of the United States and its allies and partners;
identify transparent and uniform or coordinated procedures and criteria to ensure that energy-related actions that significantly affect the supply, distribution, or use of energy are evaluated with respect to their potential impact on energy security, including their impact on—
consumers and the economy;
energy supply diversity and resiliency;
well-functioning and competitive energy markets;
United States trade balance; and
national security objectives; and
include a recommended implementation strategy that identifies and aims to ensure that the procedures and criteria referred to in paragraph (2) are—
evaluated consistently across the Federal Government; and
weighed appropriately and balanced with environmental considerations required by Federal law.
Participation— In developing the report referred to in subsection (a), the Secretaries may consult with relevant Federal, State, private sector, and international participants, as appropriate and consistent with applicable law.