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December 18, 2007

Energy bill passes and spending bill has load guarantees for better energy sources

The Energy bill has passed both the Senate and House of representatives with veto proof margins and will increase the CAFE to 35 mpg

Separately, Congress reached a tentative agreement on a major energy package that it plans to enact outside the energy bill. The agreement, to be included in a broad government spending bill, would authorize the Energy Department to guarantee loans for various energy projects, making financing far easier.

The agreement would guarantee loans of up to $25 billion for new nuclear plants and $2 billion for a uranium enrichment plant, something those industries had been avidly seeking. It would also provide guarantees of up to $10 billion for renewable energy projects, $10 billion for plants to turn coal into liquid vehicle fuel and $2 billion to turn coal into natural gas.

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