Geothermal Energy Research, Development, and Demonstration Act

Summary

Geothermal Energy Research, Development, and Demonstration Act - Title I: Geothermal Energy Coordination and Management Project - Establishes the Geothermal Energy Coordination and Management Project, which shall have responsibility for management and coordination of a national geothermal energy research, development, and demonstration program. States that such responsibility shall be carried out in cooperation with the Interior Department, National Aeronautics and Space Administration, Atomic Energy Commission, and National Science Foundation. Directs the Project to explore and assess national geothermal resources and to identify promising areas for industrial exploration and development. Directs the Project to initiate a research and development program to resolve technical problems inhibiting commercial utilization of geothermal resources, including: (1) development of effective drilling methods; (2) development of methods for converting geothermal energy to useful forms; and (3) development of improved methods for controlling emissions and wastes from geothermal utilization. Directs the Project to initiate a program to design and construct geothermal demonstration plants, including design and construction of plants to produce electrical power and large scale production and utilization of useful byproducts. Title II: Loan Guarantees - Authorizes the guarantee of loans by financial institutions for commercial development of geothermal resources. Limits such loan guarantees to 75 percent of the project costs. Requires repayment of such loans in 30 years, and limits such loans for any project to $25,000,000. Authorizes the payment of the interest on such loans by an agency designated by the Project chairman if the borrower is unable to pay the interest and such payment is in the public interest. Establishes the Geothermal Resources Development Fund in the Treasury to carry out the loan guarantee and interest payment provisions of this title. Title III: General Provisions - Requires that activities under this Act shall not endanger persons or the environment. Requires semi-annual reports to the President and Congress on the progress of activities under this Act. Provides for the transfer of functions of the Project upon the establishment of a permanent Federal energy agency. Authorizes the appropriation of $2,500,000 to the National Aeronautics and Space Administration for fiscal year 1975 for research, development, and related activities, funded by it under this Act. Authorizes the appropriation of $50,000,000 each year to carry out the loan guarantee provisions of title II.

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1 official file

• Introduced in House

  summary · EN · 5 June 1974

  Open at official source

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