Senate energy and Natural Resources Chairman Jeff Bingaman hopes to hold a markup of the broad energy legislation the last week in March. Major contention is expected over the definition of "renewable energy," since the bill is expected to require 25% of all U.S. electric power to come from renewable sources by 2025. Everyone agrees that biofuels, wind and solar should be included, but there is intense debate over hydroelectric power and nuclear facilities as part of the definition.
This controversy could also impact the effectiveness of the proposed cap and trade credits in President Obama's long term budget proposals. If nuclear power and hydroelectric plants figure into the calculations, the revenue anticipated could fall dramatically. The outcome of this debate could have a big effect on the direction of power plant construction for the foreseeable future. Representative Chris Van Hollen of Maryland wants provisions in the cap and trade legislation directing that the revenue be returned directly to consumers to offset higher power bills.
This controversy could also impact the effectiveness of the proposed cap and trade credits in President Obama's long term budget proposals. If nuclear power and hydroelectric plants figure into the calculations, the revenue anticipated could fall dramatically. The outcome of this debate could have a big effect on the direction of power plant construction for the foreseeable future. Representative Chris Van Hollen of Maryland wants provisions in the cap and trade legislation directing that the revenue be returned directly to consumers to offset higher power bills.
