Republican News

Republican News

Mar 01 2007

ANNUAL ENERGY OUTLOOK BACKS DOMENICI CALL FOR LOAN GUARANTEES

Report Finds that DOE Program Could Reduce Costs for New, Clean Power Plants

Washington, D.C. – U.S. Senator Pete Domenici today pointed to a new report as further evidence that the loan guarantee program for new, cleaner technologies authorized in the Energy Policy Act of 2005 should be fully implemented by the Department of Energy.
 
Domenici, the Ranking Member of the Senate and Natural Resources Committee, received testimony regarding the Annual Energy Outlook 2007 prepared by the Energy Information Administration (EIA). This is the first year that the report could fully consider the impacts of the Energy Policy Act of 2005, although many EPAct programs were not considered in the forecast because of the lack of implementation. 
 
The report specifically notes that loan guarantees “could substantially affect the economics of new power plants.”  Domenici has been a major supporter of the loan guarantee program, and has repeatedly expressed his frustration with the lack of DOE progress in implementing the program.
 
“I am deeply disturbed by the lack of progress on the loan guarantee program that was authorized in the bipartisan Energy Policy Act.  Today’s EIA report indicates that this program could lower the cost of new, more efficient nuclear and wind plants by around 25 percent.  I hope that this report will finally spur action,” Domenici said. The loan guarantee program was authorized in Title 17 of EPAct and the FY2008 budget allows guarantees of up to $9 billion of private-sector loans for innovative clean energy technologies.
 
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