Impacts & Implications of the
2005 U.S. Energy Policy Act
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Auszug:
The Impacts of Public Utility Holding Company Act (PUHCA) Repeal
The repeal of PUHCA in the Energy Act will facilitate mergers and acquisitions (M&A) in the electric utility industry. More companies will soon propose to combine with other utilities, in addition to three such proposals currently under consideration. Strong European companies and nontraditional investors may use this opportunity to purchase or co-invest in U.S. utilities. The U.S. Security and Exchange Commission's (SEC) traditional role in reviewing such proposals is gone, as is the requirement for utility combinations to be contiguous or interconnected. However, M&A approval or success is not assured, as state approval for M&A will still be required, and both the states and the U.S. Federal Energy Regulatory Commission (FERC) are granted additional authority to review utilities’ books and records to ensure financial integrity and nonabuse of market power. How that authority is implemented will be critical.
Development of Petroleum Resources
Whether there will be more refineries and domestic oil production depends on industry’s response to the Energy Act’s incentives. In addition to financial incentives, the Act requires an inventory of offshore resources, which signals the starting point for future offshore oil and gas leasing, exploration and production in areas currently off limits to leasing and drilling. The Act also enhances the ability to site new offshore pipelines in the Gulf region. ICF Consulting projects that the United States will become substantially more dependent on the import of petroleum products in the coming decades—with imports more than doubling.
Energy Project Siting and Infrastructure Development
Major energy facilities will be easier to site. The Energy Act encourages the siting and development of energy facilities and resources by providing financial incentives and granting new authority to the U.S. Federal Government. In light of these incentives and the current level of oil and gas prices, efforts are likely to accelerate to find and produce marginal domestic resources. Federal authority for liquefied natural gas (LNG) siting could be a key factor in encouraging such projects. Those with pending LNG and oil and gas opportunities should maximize the development and production of resources that qualify for the new investment incentives.
The Impacts on Nuclear Power
Nuclear energy is encouraged in the Energy Act. Tax credits and loan guarantees are provided for thousands of megawatts and could substantially lower the cost of those plants to consumers. Provisions for nuclear energy research and development demonstrate a renewed commitment from the U.S. Federal Government to next-generation facilities. Public opposition will inevitably accompany any proposal to build new nuclear facilities, but those concerns will be handled through the Nuclear Regulatory Commission's (NRC) streamlined licensing process. As with all power plants—especially nuclear ones—security issues will loom large.
Provisions for Electric Transmission
Transmission receives a strong push in the Energy Act. The Act allows the U.S. Department of Energy (DOE) to designate transmission corridors of 'national interest' to upgrade or add transmission for reliability or economic purposes. The "economic" aspect of this authority will be controversial. If states do not act, FERC could then require the development of transmission in those corridors. This authority will also make it harder for public interest and environmental groups to delay the approval of power lines. The Act also promotes transmission by requiring the setting of common nationwide standards for electric reliability, the setting of incentive rates for transmission, and the creation of a national organization that will monitor the status of the grid. All these measures imply a shift of authority from the states either to the federal government or in the case of siting, to multi-state compacts.
The Impacts on Renewable Energy
Renewables are strongly encouraged, and there is a window of opportunity to pursue them. The Act provides for substantial production tax credits (1.8 cents per kWh) for many renewable energy options for nine years, if they are on-line by the end of 2007. On the other hand, the Act does not provide for a national renewable portfolio standard (RPS)—which would have had significant impacts, particularly on the development of new wind projects.
The Impacts on Energy Efficiency
Energy efficiency (EE) is given a strong push. The EE provisions in the Energy Act will establish new efficiency standards for a wide range of appliances. It also will make it easier for the U.S. Federal Government to run voluntary EE programs. Hybrid vehicle tax credits will enhance awareness of and interest in hybrid vehicles. New home builder tax credits will enhance a builder's ability to manufacture more efficient homes. Appliance manufacturer tax credits may encourage those that build such devices to push the envelope of energy savings potential. Such measures could save 1.5 percent of U.S. energy consumption.
The Impacts of Clean Coal and Gasification Incentives
As a result of the incentives in the Act, the first few clean-coal and gasification projects will be in a strong position to come to fruition, and those pursuing such projects should accelerate their development efforts. The Act provides substantial amounts in direct grants, loan guarantees and accelerated depreciation, divided among different technologies and types of fuel, to make this option a reality. By encouraging reductions in the level of emissions, these incentives (and the target emission reductions in the Act) will provide part of the response the U.S. can give to critics of its position on global warming.