Geothermal Energy Act

(LATEST SUMMARY)

Geothermal Energy Act - =Title I: Loan Guarantee Program= - Authorizes the guarantee of loans by financial institutions for commercial development of geothermal resources. Limits such loan guarantees to 75 percent of the project costs. Requires repayment of such loans in 30 years, and limits such loans for any project to $25,000,000.

Authorizes the payment of the interest on such loans by the Secretary of Interior if the borrower is unable to pay the interest and such payment is in the public interest.

Establishes the Geothermal Resources Development Fund in the Treasury to carry out the loan guarantee and interest payment provisions of this title.

Authorizes the appropriation of not in excess of $50,000,000 annually to carry out the loan guarantee provisions of this title.

=Title II: Coordination of Federal Activities in Geothermal Energy Exploration, Research, and Development= - Authorizes and directs the Secretary of Interior to coordinate the development and implementation of a national inventory of geothermal resources in the United States.

Authorizes and directs the Administrator of the National Aeronautics and Space Administration to transmit to the Secretary of Interior a proposal for the employment of space technologies and the services and facilities of NASA for inventorying geothermal resources.

Authorizes and directs the Atomic Energy Commission to: (1) conduct, encourage, and promote scientific research to develop effective, economical, and environmentally acceptable processes and equipment for the purpose of utilizing all forms of geothermal resources for the production of useful energy forms; (2) conduct engineering and technical work including the design, construction, and testing of pilot plants to develop and improve geothermal energy processes and plant design concepts to the point of demonstration on a commercial scale; (3) study methods for the recovery and marketing of byproducts resulting from the production of energy from geothermal resources; and (4) undertake engineering and economic studies to determine the potential for energy from geothermal resources to contribute to energy requirements on national and regional levels.

Authorizes the Commission to investigate, negotiate, and enter into cooperative agreements with non-Federal utilities, industries, and governmental entities for the construction, operation, and maintenance of demonstration developments for the production of electric or heat energy, water supplies, or minerals from geothermal resources.

Authorizes the Commission to investigate potential agreements for the cooperative development of major facilities to demonstrate the production of energy from geothermal resources.

Authorizes appropriations to the Secretary of the Interior, the AEC, and NASA to carry out the purposes of this Act.