Section 1 Short title
This Act may be cited as the “Build More Power Act”.
Build More Power Act
A BILL
To amend the Energy Policy Act of 2005 to extend the period of availability of funds and commitment authority for energy infrastructure reinvestment financing and to require the solicitation of applications from energy infrastructure required to generate electric energy during an emergency, and for other purposes.
Sec. 2 Loan guarantees for electric generating facilities required to operate per an emergency designation
Energy infrastructure reinvestment financing— Section 1706 of the Energy Policy Act of 2005 (42 U.S.C. 16517) is amended by adding at the end the following:
“(g) Section 202(c) facilities
“(1) Treatment of required electric energy generation—Energy infrastructure that is required by an order issued under section 202(c) of the Federal Power Act to generate electric energy shall be considered to have ceased operations for purposes of subsection (a)(1).
“(2) Solicitation of applications
“(A) In general—If the Secretary issues an order under section 202(c) of the Federal Power Act requiring energy infrastructure to generate electric energy, the Secretary shall, when issuing such order, solicit an application for a guarantee under this section for a project described in paragraph (1), (2), or (3) of subsection (a) with respect to such energy infrastructure.
“(B) Existing orders—With respect to any energy infrastructure required to generate electric energy by an order issued under section 202(c) of the Federal Power Act on or before the date of enactment of this subsection, and if such order is in effect on such date of enactment, the Secretary shall, not later than 60 days after such date of enactment, solicit applications for a guarantee under this section for projects described in paragraph (1), (2), or (3) of subsection (a) with respect to such energy infrastructure.”
Extension of availability of funds and commitment authority—
Energy Policy Act of 2005— Section 1706(f) of the Energy Policy Act of 2005 (42 U.S.C. 16517(f)) is amended by striking “2028” and inserting “2032”.
Inflation Reduction Act of 2022— Section 50144 of the Public Law 117–169 (42 U.S.C. 16517) is amended—
in subsection (a), by striking “2026” and inserting “2032”; and
in subsection (b)—
by striking “The Secretary may” and inserting the following:
“(1) In general—The Secretary may”
by striking “2028” and inserting “2032”; and
by adding at the end the following:
“(2) Set aside for certain section 202(c) facilities—Of the total principal amount described in paragraph (1), not less than $20,000,000,000 of such amount shall be used to guarantee loans for projects described in section 1706(a) of the Energy Policy Act of 2005 with respect to energy infrastructure required to generate electric energy by an order issued under section 202(c) of the Federal Power Act.”
Report to Congress— Not later than 1 year after the date of enactment of this section, the Secretary of Energy shall submit to Congress a report describing—
the projects for which the Secretary made guarantees under section 1706 of the Energy Policy Act of 2005 (42 U.S.C. 16517) during the period of 1 year beginning on such date of enactment;
the amount of electric capacity added by such projects;
the total principal amount of guarantees made under section 1706 of the Energy Policy Act of 2005 (42 U.S.C. 16517) during the period described in paragraph (1); and
recommendations on how to best incentivize investment in upgrades to aging coal facilities.