Nelson introduces energy bill

WASHINGTON -- Nebraska's Senator Ben Nelson has introduced The SMART Energy Act of 2009, a broad-based energy bill to build an Energy Superhighway for electricity transmission, promoting further development of biofuels and providing for new domestic energy production, while laying the groundwork for action to address climate change.

"Restructuring our energy policy and putting into effect a comprehensive plan is more important now than ever," said Senator Nelson. "We must invest in renewable fuels and energy efficiency; we must modernize and expand our current electricity grid; we must use all forms of energy at our disposal to create a truly diverse energy mix; we must get serious about trying to untangle the debate surrounding the growing problem of climate change."

The SMART bill grew out of Senator Nelson's work during the summer and fall of 2008 as a member of the so-called Gang of 10. The bipartisan group of senators developed an energy plan that attracted another 10 bipartisan Senate backers. Introduction of the bill, however, was delayed by the major economic crisis that began unfolding in the early fall. Some elements of the Gang's work were included in the TARP bill last year, such as renewable energy tax credits, and in the American Recovery and Reinvestment Act this year. Those provisions have not been included in this bill.

"Without comprehensive energy policy, we have been playing catch-up. We are faced with rising unemployment, falling wages, mounting foreclosures and evaporating retirement accounts. We can't let energy be one more hole in the sails," said Nelson.

For months, Nelson has been meeting with members of the Gang of 10 and other senators to discuss energy legislation and he continues to work with those members and others to ensure that the Senate passes comprehensive energy legislation.

"The energy crisis last summer caught the country flat-footed," said Nelson. "This bill intends to make sure that does not happen again. With the SMART Energy Act, we will ensure that we can open new markets for Nebraska-produced energy, support our domestic economy and jobs, and meet the demands of our country by relying on the Mid-West, not on the Middle-East."

Senator Nelson said he would like this bill to be considered a part of that ongoing discussion and a way to lay out his priorities and that he looks forward to continued work on comprehensive energy legislation.

Below are some of the most important provisions in Nelson's bill:

· Title I -- The Energy Superhighway

Invests in an interstate Energy Superhighway of extra high-voltage electricity transmission facilities; incorporates smart grid technologies; and provides for rebated tariffs for renewable energy.

· Title II -- Investing in America's Energy Security

Creates an Energy Security Trust Fund from the funds generated by domestic oil and natural gas production, including ensuring the American taxpayer receives a share from any Outer Continental Shelf (OCS) production; creates incentives for investments in renewable energies and biofuels; and provides for energy efficiency investments, including for vehicles.

· Title III -- Expanding Domestic Energy Production

Provides for targeted production in the OCS and requires the Secretary of Energy to focus on those areas with the best potential to produce oil and natural gas as well as providing for increased nuclear power.

· Title IV -- Ensuring Market Integrity

Amends the Commodities Exchange Act to ensure market integrity for energy and agriculture commodities.

· Title V -- National Commission on Comprehensive Energy Policy and Climate Change

Establishes a National Commission to study energy policy and climate change matters and make detailed recommendations to Congress and the President on legislation establishing comprehensive energy policy and for addressing global climate change without damaging the economy.