Bill Text: TX HB3576 | 2021-2022 | 87th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the authority of the Railroad Commission of Texas to study geothermal energy and associated resources.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2021-05-08 - Committee report sent to Calendars [HB3576 Detail]
Download: Texas-2021-HB3576-Introduced.html
Bill Title: Relating to the authority of the Railroad Commission of Texas to study geothermal energy and associated resources.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2021-05-08 - Committee report sent to Calendars [HB3576 Detail]
Download: Texas-2021-HB3576-Introduced.html
87R9416 JXC-D | ||
By: Guerra | H.B. No. 3576 |
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relating to the authority of the Railroad Commission of Texas to | ||
invest in private entities that explore for, develop, and produce | ||
geothermal energy and associated resources. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Chapter 141, Natural Resources Code, is amended | ||
by adding Subchapter E to read as follows: | ||
SUBCHAPTER E. GEOTHERMAL PUBLIC-PRIVATE PARTNERSHIPS | ||
Sec. 141.151. DUTY OF THE RAILROAD COMMISSION. The | ||
commission shall establish a program to enter into partnerships | ||
with producers of geothermal energy and associated resources in | ||
this state to: | ||
(1) encourage the production of geothermal energy and | ||
associated resources in this state; and | ||
(2) earn a return on investment for the state. | ||
Sec. 141.152. PROGRAM CRITERIA AND OPERATION. (a) The | ||
commission may enter into a partnership under this subchapter only | ||
with a producer of geothermal energy and associated resources that: | ||
(1) has at least $10 million in capital investment; | ||
and | ||
(2) has its headquarters in this state. | ||
(b) When the commission enters into a partnership with a | ||
producer under this subchapter, the commission may make a capital | ||
investment in the producer. The amount of the investment may not | ||
exceed the aggregate amount of the private capital investments made | ||
in the producer. | ||
(c) The commission may make capital investments in | ||
producers under this subchapter only in a manner that allows the | ||
state to make a return on its investment. | ||
Sec. 141.153. GEOTHERMAL INVESTMENT FUND. (a) The | ||
geothermal investment fund is a dedicated account in the general | ||
revenue fund. | ||
(b) The geothermal investment fund consists of: | ||
(1) appropriations of money to the fund by the | ||
legislature; | ||
(2) gifts, grants, including grants from the federal | ||
government, and other donations received for the fund; and | ||
(3) interest earned on the investment of money in the | ||
fund. | ||
(c) The fund may be used only for: | ||
(1) capital investments under Section 141.152; and | ||
(2) administrative costs of administering the | ||
partnership program under this subchapter. | ||
SECTION 2. This Act takes effect September 1, 2021. |