H.R. 8262: Build More Power Act

This bill is called the Build More Power Act, and its main purpose is to amend the Energy Policy Act of 2005 to enhance financing for energy infrastructure projects. Here’s a breakdown of the main provisions of the bill:

Loan Guarantees for Energy Infrastructure

The bill aims to provide loan guarantees to energy infrastructure projects that are required to generate electric energy during emergencies. It specifies that:

• If an order is issued under Section 202(c) of the Federal Power Act that necessitates energy infrastructure to generate electric energy, the Secretary of Energy must solicit applications for loan guarantees for that infrastructure.
• This applies not only to future orders but also to those issued on or before the enactment of this legislation. The Secretary must solicit applications within 60 days for these existing projects.

Extension of Funding Availability

The bill extends the timeline for the availability of funds and lending commitments aimed at energy infrastructure projects. Key points include:

• Changing the deadline for certain financial authorizations from 2028 to 2032, allowing for a longer period during which funds can be accessed.
• It mandates that at least $20 billion of the total funds available must be specifically allocated for loan guarantees for energy infrastructure that is mandated to operate under emergency orders.

Reporting Requirements

The Secretary of Energy is required to report to Congress within a year of the enactment of the bill. The report should include:

• A list of projects that received loan guarantees within the year following the passing of the bill.
• The electric capacity added by those projects.
• The total amount of guarantees provided during that period.
• Suggestions on how to encourage investments in modernizing older coal facilities.

Overall Goals

The overall intention of this legislation is to strengthen the reliability of the electric grid by promoting investments in critical energy infrastructure, especially during emergencies. By extending funding timelines and enhancing support for projects designated under emergency conditions, the bill seeks to ensure that electric energy generation capabilities can meet urgent public needs.

Relevant Companies

• NEE - NextEra Energy, involved in the generation of power, could benefit from expanded loan guarantees for renewable projects.
• DUK - Duke Energy, a major utility company, may be affected as it manages infrastructure that would fall under emergency designations.
• EXC - Exelon Corporation, which operates transmission and generation of electric energy, might seek guarantees for necessary upgrades and expansions.