LD 1745 LR 2474(02)
An Act Regarding a Biomass-generated Energy Purchase and Sale Agreement and Payments to Contractors
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Energy, Utilities and Technology
Fiscal Note Required: Yes
Fiscal Note
FY 2017-18 FY 2018-19 Projections  FY 2019-20 Projections  FY 2020-21
Other Special Revenue Funds $266,027 $500,000 $0 $0
Other Special Revenue Funds $0 $0 $0 $0
Fiscal Detail and Notes
At the close of fiscal year 2015-16 $13,400,000 was transferred from the unappropriated surplus of the General Fund to the Cost Recovery Fund at the Public Utilities Commission (PUC) to pay above-market costs of certain biomass contracts. This bill moves any money remaining from the transfer that is determined by the PUC to not be needed for the original purpose to be credited to the newly created Wood Energy Fund within the Efficiency Maine Trust (EMT). The PUC has determined that $766,027 is available to be directed into the Wood Energy Fund at this time. Transfers in addition to the $766,027 may be made in the future if the PUC makes certain determinations.
This bill includes Other Special Revenue Funds allocations to the Wood Energy Fund within the EMT of $266,027 in fiscal year 2017-18 and $500,000 in fiscal year 2018-19 to provide incentives and low or no-interest loans for new wood-derived thermal energy or cogeneration projects. Additional costs to the Finance Authority of Maine to consult with the EMT in the development of program incentives and distribution of funds from the wood energy fund where appropriate can be absorbed within existing budgeted resources.