The Energy Policy Act of 2005 M arket Opportunities Environmental Business Council October 11, 2005 Frederick M. Sellars Senior Vice President TRC Environmental.

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Presentation transcript:

The Energy Policy Act of 2005 M arket Opportunities Environmental Business Council October 11, 2005 Frederick M. Sellars Senior Vice President TRC Environmental Corporation

The Energy Policy Act of 2005 Signed into law August 8, 2005Signed into law August 8, 2005 Far-reaching implications for numerous components of the energy industryFar-reaching implications for numerous components of the energy industry Several provisions represent significant industry opportunities:Several provisions represent significant industry opportunities: –Repeal of the Public Utility Holding Company Act (PUHCA) –Incentives to encourage the development of petroleum resources –Incentives to encourage LNG, coal gasification and nuclear energy development –Incentives to encourage construction of new electric transmission facilities –Incentives to encourage the development of renewable energy projects –Incentives for energy efficiency improvements

Utility mergers no longer need to be contiguous or demonstrate transmission pathwaysUtility mergers no longer need to be contiguous or demonstrate transmission pathways Market Opportunities: M&A opportunitiesM&A opportunities Merging companies may require valuation and transfer of liabilitiesMerging companies may require valuation and transfer of liabilities Repeal of PUHCA

Incentives for Development of Petroleum Resources Tax rule changes aimed at encouraging refinery expansionTax rule changes aimed at encouraging refinery expansion National assessment of oil and gas resources and reservesNational assessment of oil and gas resources and reserves Financial assistance for remediation of orphaned oil and gas well sitesFinancial assistance for remediation of orphaned oil and gas well sites Market Opportunities: Refinery capacity expected to double by 2025 creating opportunities for permitting of new refineries, refinery expansions and new offshore oil and gas sitesRefinery capacity expected to double by 2025 creating opportunities for permitting of new refineries, refinery expansions and new offshore oil and gas sites Remediation opportunities for abandoned oil and gas well sitesRemediation opportunities for abandoned oil and gas well sites

Energy Facility Siting and Development Incentives FERC given primacy over siting LNG facilitiesFERC given primacy over siting LNG facilities Accelerated depreciation for natural gas and electric transmission lines as well as coal gasification projectsAccelerated depreciation for natural gas and electric transmission lines as well as coal gasification projects Production tax credit for advanced nuclear powerProduction tax credit for advanced nuclear power Favorable tax provisions for installation of emission controls at existing power plantsFavorable tax provisions for installation of emission controls at existing power plants Designation of utility corridors in the WestDesignation of utility corridors in the West Market Opportunities: Continued favorable climate for LNG developmentContinued favorable climate for LNG development Increased opportunities for coal gasification projectsIncreased opportunities for coal gasification projects Return of nuclear power?Return of nuclear power? Increased opportunities for emission control retrofit projectsIncreased opportunities for emission control retrofit projects Linear project permitting in designated “corridors”Linear project permitting in designated “corridors”

Transmission Facility Construction Incentives Uniform reliability standardsUniform reliability standards Accelerated depreciation for transmission facility investmentAccelerated depreciation for transmission facility investment DOE designation of “national interest transmission corridors”DOE designation of “national interest transmission corridors” FERC “backstop” approval and eminent domain authorityFERC “backstop” approval and eminent domain authority FERC rate-setting directives to encourage investmentFERC rate-setting directives to encourage investment Market Opportunities: Increased permitting, engineering and construction activity for electric transmission facilities, especially in congested areas (Northeast), where the grid is weak (Midwest), and in key energy corridors (West)Increased permitting, engineering and construction activity for electric transmission facilities, especially in congested areas (Northeast), where the grid is weak (Midwest), and in key energy corridors (West)

Incentives for Renewable Energy Production tax credit extension to 2007Production tax credit extension to 2007 Additional renewable energy technologies coveredAdditional renewable energy technologies covered Federal government purchasing requirementFederal government purchasing requirement Non-binding “sense of Congress” directive to Secretary of Interior to approve up to 10,000 MW of non-hydropower renewable energy on public lands by 2015Non-binding “sense of Congress” directive to Secretary of Interior to approve up to 10,000 MW of non-hydropower renewable energy on public lands by 2015 Market Opportunities: Continuity wind power development activityContinuity wind power development activity Increased development activity for other renewable technologies (biomass, hydro, wave, current and tidal power)Increased development activity for other renewable technologies (biomass, hydro, wave, current and tidal power)

Energy Efficiency Provisions Tax deductions for 2006 and 2007 for energy efficiency upgrades to commercial and industrial buildingsTax deductions for 2006 and 2007 for energy efficiency upgrades to commercial and industrial buildings Business tax credit for purchases of fuel cells or microturbinesBusiness tax credit for purchases of fuel cells or microturbines Utilities must offer net metering, smart metering and interconnection service to customers with onsite generationUtilities must offer net metering, smart metering and interconnection service to customers with onsite generation Market Opportunities: New opportunities for energy management and distributed generationNew opportunities for energy management and distributed generation