Domenici, Bingaman Frustrated Over Postponement of Loan Guarantee Deadlines
October 27, 2006
01:11 PM
Washington, D.C. – Senate Energy & Natural Resources Chairman Pete V. Domenici and Ranking Member Jeff Bingaman expressed frustration over the announcement today by the Department of Energy that it is extending the deadline for pre-applications for loan guarantees that would be applied to projects using clean and innovative technologies. The department announced today that it is extending the deadline from Nov. 6 to Dec. 31st.
The extension further delays the awarding of the loan guarantees under the new loan guarantee program created in Title XVII of the Energy Policy Act of 2005. The program provides loan guarantees for innovative, clean technologies that limit carbon emissions. Loan guarantees could be applied to projects using technologies such as coal gasification, coal to liquids and advanced nuclear power.
Chairman Domenici’s statement:
“By creating this loan guarantee program, Congress provided an important opportunity for bringing clean technologies to market that will make a real difference in reducing carbon emissions. The loan guarantee program complements the goals President Bush outlined in his Advanced Energy Initiative. The private sector is excited about the promise this program offers to emerging technologies. I have heard from scores of interested companies throughout the energy sector, ranging from car companies to utilities. While I am frustrated by the delay, I hope it will result in an even stronger program implementation.”
Senator Bingaman’s statement:
“I share Senator Domenici’s frustration in the latest delay of the clean energy loan guarantee program. It was one of the most important provisions in the Energy Policy Act of 2005. It holds great promise for pushing new clean energy technologies past the final hurdles to commercialization. The Administration needs to get this program off the starting blocks.”
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