National Electricity and Environmental Technology Act

National Electricity and Environmental Technology Act - Directs the Secretary of Energy to: (1) identify technology costs and associated performance goals that would permit continued cost-competitive use of coal for electricity generation, chemical feedstocks, and transportation fuel; (2) implement research and development programs that include demonstration and commercial application of coal-based technologies; and (3) implement a power plant improvement initiative program demonstrating commercial applications of advanced coal-based technologies applicable to new or existing power plants including co-production plants, which must advance the effectiveness, environmental performance, and cost competitiveness well beyond that which is in operation or has been demonstrated on the date of enactment of this Act.

Amends the Internal Revenue Code to allow tax credits for investment in: (1) a qualifying clean coal technology unit in an existing coal-based electricity generation facility; and (2) early commercial applications of qualifying advanced clean coal technologies. Sets forth formulae for determining tax credits for unit production of both kinds of technologies.

Exempts the installation of a qualifying system of continuous emission control from new source review requirements under the Clean Air Act. Grants a ten-year exemption from any new or increased emission control requirements for the specific pollutant controlled by such a system to any existing coal-based electricity generating unit on which it has been installed, if the system meets or exceeds the specified standard of performance for new stationary sources.

Directs the Secretary of the Treasury to establish a financial risk pool for a limited time to offset the modification costs resulting from the failure of qualifying advanced clean coal technology to achieve its design performance.

Cites conditions under which credits for emission reductions and efficiency improvements in existing coal-based generating facilities of electric cooperatives or publicly owned electric utilities may be treated as offset credits.

Entitles the Tennessee Valley Authority to aggregate certain clean coal technology credits and apply them as a credit against obligations for annual returns on the appropriations investment and annual repayment sums.