House-Senate Strike Stimulus Bill Deal, Give $50B to Energy

Congressional negotiators February 11 worked out differences in the House- and Senate -passed versions of massive economic stimulus legislation that would provide more than $50 billion in appropriations for energy projects, plus major tax incentives and grants for renewable power. “Everybody gave something in the negotiations to achieve something bigger for our country and people,” Senator Joe Lieberman (I-CT) told reporters during a news conference announcing the deal. Both chambers are expected to pass the legislation and send it by Monday to the President, who is expected to sign it. The $789 billion stimulus bill includes significant energy provisions, including direct federal grants in lieu of tax credits for up to 30 percent of the cost of new renewable energy generation projects, according to House Speaker Nancy Pelosi (D-CA). She said the provision is intended to help project developers overcome the limited ability of financial markets to take advantage of existing renewable energy tax credits. The bill also offers $20 billion in tax incentives for renewable energy and energy efficiency over the next ten years, including extension of the production tax credit for three years. The bill would provide the U.S. Department of Energy $30 billion to spend on smart grid projects, energy efficiency, and advanced battery technology for vehicles. It would provide another $11.3 billion for weatherization and energy efficiency in modest and low income housing, plus $9.5 billion for efficiency in government buildings. The agreement came swiftly after the Senate passed an $838 billion economic stimulus bill February 10 that would have provided $43 billion in federal appropriations for a wide range of energy projects. The House passed its own measure late last month (Circuit, Jan. 30, 2009). Originally, lawmakers predicted it would take until today to strike an accord between the two different versions of the legislation. Senator Jeff Bingaman (D-NM), who chairs the Senate Energy & Natural Resources Committee, said lawmakers tried “to hit the sweet spot helping our economy recover while promoting clean energy.” Senator Lisa Murkowski (R-AK) cautioned that the energy provisions may promise more immediate economic relief they can deliver. She noted that while the bill would provide billions of dollars for smart grid programs, the Department of Energy has yet to commit the $100 million Congress approved for such projects in 2007. “We first need to develop standards for the smart grid program before we start just throwing money at it,” said Murkowski. She is the ranking minority member of the Senate energy panel.

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House-Senate Strike Stimulus Bill Deal, Give $50B to Energy

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