Industrial Energy Conservation Act

Industrial Energy Conservation Act - Sets forth congressional findings and purposes, and defines the terms used in this Act.

Directs the Secretary of Commerce to conduct energy efficiency surveys for the purpose of compiling information with respect to: (1) the major energy consuming industrial processes utilized within each industry; (2) the current level of the energy efficiency of such process; (3) the maximum level of energy efficiency achievable by 1980; and (4) the prerequisites to achieving improvements in energy efficiency.

Directs the Secretary to establish and publish an Industrial Energy Efficiency Target for industries surveyed. Requires the chief executive officer of each major energy-consuming company, as defined by this Act, to submit to the Secretary an annual energy conservation report. Imposes civil penalties for failure to do so.

Directs the Administrator of the Energy Research and Development Administration to establish and maintain a comprehensive program for research, development, and demonstration of energy conserving industrial technologies. Sets forth priorities for determining grant and contract recipients under such program.

Authorizes the Secretary to make loans, and to guarantee the payment of loans and other obligations, for the purchase, construction, operation, or maintenance of energy efficient equipment or facilities. Sets forth priorities for determining recipients for such loans and loan guarantees.

Authorizes specified appropriations for carrying out the provisions of this Act.