Department of Energy's Loan Guarantee Program for Innovative Energy Technologies. Audit Report

摘要

The Energy Policy Act of 2005 authorized the Department of Energy to guarantee loans for new or significantly improved energy production technologies that avoid, reduce, or sequester air pollutants and other greenhouse gases. As of December 2008, Congress authorized the Department to make $42.5 billion in loan guarantees to support innovative energy projects. These guarantees were authorized for up to 80 percent of the total project costs and were designed to promote the commercial use of innovative technologies. Under the terms of the Act, the loan guarantees are contingent upon reasonable prospect of repayment by the borrower. Consistent with the Energy Policy Act, the Department is responsible for soliciting and evaluating loan applications, approving loan guarantees, and monitoring project and loan guarantee performance. Through December 2008, the Department had issued five solicitations for projects that support innovative clean coal technologies, energy efficiency, renewable energy, advanced electricity transmission and distribution, and nuclear and fossil energy projects. These solicitations were issued in three phases with the first in August 2006, and the final in September 2008.