Advanced Power Cycle Development Corporation Act

Advanced Power Cycle Development Corporation Act - Establishes the Advanced Power Cycle Development Corporation. States that the function of the Corporation shall be to select, on the basis of the best engineering information available, the two or more most technically, environmentally, and economically feasible methods for producing electricity at high efficiencies using advanced power cycles with minimum adverse environmental impact using coal. Provides that, after selection of such methods, the Corporation is authorized to design, construct, operate, and maintain a demonstration-type facility for each method selected in order to determine the technical and economical feasibility thereof. Stipulates that if, on the basis of the operation of each such demonstration facility, the Corporation determines the method so demonstrated is a technically, environmentally, and economically feasible method for producing electricity from coal on a commercial scale and at appreciably greater efficiencies than conventional means, the Corporation is authorized to design, construct, operate, and maintain, for each such method demonstrated, a full-scale commercial-size facility to produce electricity from coal by such method.

States that electric energy produced by such commercial facilities shall be disposed of in such a manner and under such terms and conditions as the Corporation shall prescribe. Provides that, in the disposal of such electric energy as shall represent the Federal interest in the costs of the Corporation, preference shall be given to Federal agencies, public bodies, and cooperatives. Provides that all revenues received by the Corporation from the sale of such energy shall be available to the Corporation for use by it in defraying expenses incurred in connection with carrying out its functions under this Act.

Requires the Corporation to transmit to the President of the United States and the Congress an annual report of its operations, activities, and accomplishments under this Act.

Authorizes to be appropriated to the Corporation, for the fiscal year ending June 30, 1974, the sum of $6,500,000, and for each of the nine suceeding fiscal years, such sums as may be necessary.