The 325-page National Energy Security Policy Act of 2001, introduced by Senator Frank Murkowski (R-Alaska) on February 26, offers a comprehensive package of proposals, including:
Extensive reporting requirements and a series of studies addressing such issues as the Strategic Petroleum Reserve, nuclear generation, and R&D financing techniques. These so-called “Title I measures,” 15 in all, are aimed at giving Energy Secretary Spencer Abraham and his successors better information on which to base their policymaking.
A clean-coal technology R&D program for coal-based electricity generating facilities.
Oil and gas measures that would authorize states to take over the regulation of oil and gas leases on federal lands and provide royalty relief to encourage oil and gas exploration in the Outer Continental Shelf region.
Nuclear energy measures to extend the Price-Anderson Act (aimed at providing compensation in the event of a nuclear incident), increase funding for the Nuclear Energy Research Initiative, and establish grants to increase nuclear energy production and improve efficiency.
The Arctic Coastal Plain Domestic Energy Security Act of 2001, which “directs the Secretary of the Interior to establish and implement a competitive and environmentally sound oil and gas leasing program for the exploration, development, and production of the oil and gas resources of the Arctic Coastal Plain.
Measures to encourage energy efficiency, conservation, and assistance to low-income families, including an extension of the Low Income Home Energy Assistance Program, a new energy-efficient schools program, and amendments to the federal weatherization assistance program and state energy conservation programs.
Measures to encourage R&D and use of alternative fuels and renewable energy, including a requirement that federal agencies use alternative fuels for at least 50 percent of total fuel volume by 2005 and funding for a comprehensive DOE assessment of renewable energy resources in the U.S.
Creates an industry-run, FERC-overseen, organization to set enforceable rules for the interstate transmission grid, repeals the Public Utility Holding Company Act of 1935, and enacts the Public Utility Holding Company Act of 2001, which would allow electric utilities to diversify.
Establishes financial incentives for energy production and conservation, including tax credits and other measures related to oil and gas production, coal, natural gas, electric power, nuclear energy, energy efficiency, alternative fuels, and renewable energy.