Carbon Capture and Sequestration Deployment Acceleration Fund

(a)

Establishment of Fund

There is established in the Treasury a fund to be known as the Carbon Capture and Sequestration Deployment Acceleration Fund (referred to in this section as the Fund), to be administered by the Secretary of Energy (referred to in this section as the Secretary), to be available without fiscal year limitation and without further appropriation, to promote the establishment of not fewer than 10 commercial-scale carbon capture and sequestration units in the United States during the 10-year period beginning on the date of enactment of this section.(b)

Use of Fund

(1)

In general

Of amounts in the Fund, the Secretary may use such sums as are necessary to provide grants or other forms of financial support that—(A)capture carbon dioxide from electric generation units that—(i)generate and sell electric power directly to consumers or for resale;(ii)use coal or petroleum coke for at least 75 percent of the fuel used by the units; and(iii)transport the captured carbon dioxide to a permanent geological storage site in the United States, or to a site on the North American Continent, for use for hydrocarbon recovery;(B)have a useful life of not fewer than 15 years;(C)emphasize modular designs and are capable of generating at least 100 megawatts of electricity output;(D)capture and sequester not less than 65 percent of the total carbon dioxide emissions of the electric generation units; and(E)apply to a diverse mix of coal ranks, generation systems, geographic locations, capture systems, and sequestration characterizations and systems, including saline sequestration, enhanced oil recovery, and other beneficial uses of carbon dioxide.(2)

Eligible projects

Eligible projects under this paragraph include carbon capture and sequestration units that are designed for—(A)new coal-fired electric generation units;(B)retrofit or upgrade of existing coal-fired electric generation units; and(C)notwithstanding paragraph (1)(C), nonmodular units that are larger than 250 megawatts and designed for integrated gasification combined cycle electric generation units.(c)

Transfers to Fund

There is transferred into the Fund established by subsection (a) $10,000,000,000 out of any funds in the Treasury not otherwise appropriated.(d)

Prohibition

Amounts in the Fund may not be made available for any purpose other than a purpose described in subsections (a) and (b).(e)

Annual reports

(1)

In general

Not later than 60 days after the end of each fiscal year beginning with fiscal year 2015, the Secretary shall submit a report on the operation of the Fund during the fiscal year to—(A)the Committee on Appropriations of the Senate;(B)the Committee on Appropriations of the House of Representatives;(C)the Committee on Energy and Natural Resources of the Senate; and(D)the Committee on Energy and Commerce of the House of Representatives. (2)

Contents

Each report shall include, for the fiscal year covered by the report, the following: (A) A statement of the amounts deposited into the Fund. (B) A description of the expenditures made from the Fund for the fiscal year, including the purpose of the expenditures. (C) Recommendations for additional authorities to fulfill the purpose of the Fund. (D) A statement of the balance remaining in the Fund at the end of the fiscal year.