87R9416 JXC-D
By: Guerra H.B. No. 3576
A BILL TO BE ENTITLED
AN ACT
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.