H.R. 1077: Streamlining Thermal Energy through Advanced Mechanisms Act

This bill, titled the Streamlining Thermal Energy through Advanced Mechanisms Act (or STEAM Act), proposes changes to the Energy Policy Act of 2005 with the goal of facilitating geothermal energy exploration and development. Here’s a summary of the main points of the bill:

Objectives of the Bill

The primary objective of the STEAM Act is to expedite the process for exploring and developing geothermal resources in areas that have already been studied or previously developed. This is intended to promote the use of geothermal energy, an alternative energy source, and encourage investment in geothermal projects.

Amendments to the Energy Policy Act of 2005

The bill includes specific amendments to Section 390 of the Energy Policy Act of 2005, which pertains to environmental reviews under the National Environmental Policy Act (NEPA). The amendments focus on increasing the efficiency of regulatory processes related to geothermal energy.

• NEPA Review Adjustments:
  • The bill expands the language to explicitly mention geothermal resources alongside oil and gas, which will allow for streamlined reviews for geothermal energy projects.
  • It revises certain sections to replace references to oil and gas with a broader inclusion of geothermal, acknowledging its role in energy exploration.

Expected Impact on Geothermal Projects

Should this bill pass, it is expected to lead to:

• Shorter regulatory timelines for getting approvals to explore and develop geothermal resources.
• A potential increase in investments and projects focused on geothermal energy due to reduced bureaucratic hurdles.
• Encouragement of research and development in geothermal technologies, as the bill signals government support for this energy sector.

Funding and Oversight

The bill does not specify additional funding mechanisms but does imply that existing government resources will be utilized more efficiently for geothermal project oversight. This could lead to a more robust geothermal energy market if private companies view the changes favorably.

Relevant Companies

• ORPN - Orion Energy Systems, which may explore geothermal energy solutions as part of their renewable energy endeavors.
• CLR - Continental Resources, a company that could pivot towards geothermal investments if the regulatory landscape becomes favorable.