Reps. Jim McNulty and Dave Camp (R-MI), both members of the House Ways and Means Committee are working with APPA to develop a "message" bill on the Clean Renewable Energy Bond (CREB) program. While the text of the bill has not yet been released we expect that it will extend the program, increase the volume cap and possibly modify the definition of "governmental utilities," to apply to electric utilities that have an obligation to serve. As you know, the CREB program was enacted in EPAct 2005 and provides financial incentive for consumer-owned utilities to invest in new renewable electricity generation facilities. It was authorized in EPAct 2005 at $800 million for 2 years, and extended for an additional year in 2007, adding $400 million in bonding authority.
Initial demand for the CREB program, far exceeded the amount of total program funding ($2.6 billion vs. $800 million) in 2006, and efforts to extend the program and eliminate or significantly increase the volume cap are underway.
NEPPA members will need to highlight this issue with their Member of Congress who sit on the House Ways and Means and Senate Finance Committees. In the House that includes: Reps. Richard Neal (D-MA) and John Larson (D-CT), and in the Senate, Sens. John Kerry (D-MA) and Olympia Snowe (R-ME).