The Senate this morning brought out of Senate Appropriations Committee their
version of the Power Fund Bill, is was numbered and printed mid-afternoon,
and brought up and deferred on the Senate floor moments ago:

S.F. 599 Power Fund bill establishing the office of energy independence and
the Iowa power. ‹ On the Senate Calendar 4/19/2007.

EXPLANATION This bill creates the office of energy independence, the
position of director of the office of energy independence, the Iowa power
fund board, a due diligence committee, and the Iowa power fund in new Code
chapter 469.  Duties for the office, director, committee, and board are
specified.  Grants, loans, and investments made from the fund are subject to
approval by the board. The bill provides that the Iowa power fund shall be
used to further the goals of increasing the research, development,
production, and use of biofuels and other sources of renewable energy,
improve energy efficiency, and reduce greenhouse gas emissions, and shall
encourage, support, and provide for research, development,
commercialization, and the implementation of energy technologies and
practices.  Further, the technologies and practices are intended to reduce
the state's dependence on foreign sources of energy and fossil fuels. The
bill specifies that moneys appropriated to the fund or otherwise deposited
into the fund shall be used to provide financial assistance to entities in
this state conducting business, research, or programs to accelerate research
and development, knowledge transfer, technology innovation, and improve
economic competitiveness, and to increase the demand for and educate the
public about technologies and approaches, all in furtherance of the goals
established for the fund. Eligibility criteria for grants or loans from the
fund, to be established by the director, are set forth. The bill
appropriates $24,670,000 to the Iowa power fund from the general fund of the
state for fiscal year 2006-2007, and $25 million annually for fiscal years
2008-2009, 2009-2010, and 2010-2011.  The bill makes an allocation from the
appropriated amounts of at least 10 percent of the moneys appropriated for
energy planning, energy education, and energy efficiency.  The bill also
allocates on an annual basis $2.5 million to the department of economic
development for deposit into the workforce training and economic development
funds of the community colleges for use each year in the development and
expansion of energy industry areas and for the department's north American
industrial classification system for targeted industry areas. In a separate
subchapter of new Code chapter 469, the bill authorizes the Iowa power fund
board, with the assistance of the office of energy independence and other
appropriate state agencies, to provide financial incentives and adopt
necessary rules for biomass, biorefinery, renewable energy, and energy
efficiency projects.  The incentives and rules are primarily focused upon
research, development, commercialization, and market development in
connection with products from biorefineries and renewable energy products,
and additionally implementation of technologies and practices that improve
energy efficiency and public education efforts relating to energy efficiency
projects.  The bill provides authorization for the board, office, and other
state agencies to cooperate with federal agencies and participate in federal
biomass programs. The bill additionally modifies provisions of Code section
473.7 to facilitate assistance from the department of natural resources with
the preparation of the Iowa energy independence plan.  The bill adds
educational programs and assessments of consumers' needs for information
conducted pursuant to energy efficiency programs offered by electric and gas
public utilities pursuant to Code section 476.6, provides that such programs
and assessments need not be cost-effective, and specifies that energy
efficiency programs offered by rate-regulated gas and electric utilities are
subject to approval by the Iowa utilities board. The bill provides for the
establishment of two energy efficiency studies relating to energy efficiency
plans and programs offered by gas and electric utilities pursuant to Code
section 476.6, and relating to consumer knowledge of energy efficiency and
methods for increasing such knowledge, respectively. The bill takes effect
upon enactment.

____________________________________________
Lyle Krewson
1725 S. 50th Street #602
West Des Moines, IA 50265
 
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515-238-7113 - Cel
____________________________________________

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