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GAO-13-331R 1 (2013-03-15)

handle is hein.gao/gaobacgzg0001 and id is 1 raw text is: J GAO Accountablty *Integrity * Reliability United States Government Accountability Office Washington, DC 20548 March 15, 2013 The Honorable Dianne Feinstein Chairman The Honorable Lamar Alexander Ranking Member Subcommittee on Energy and Water Development Committee on Appropriations United States Senate The Honorable Rodney P. Frelinghuysen Chairman The Honorable Marcy Kaptur Ranking Member Subcommittee on Energy and Water Development, and Related Agencies Committee on Appropriations House of Representatives Subject: Department of Energy: Status of Loan Programs The Department of Energy's (DOE) Loan Guarantee Program (LGP) for innovative energy projects was established in Title XVII of the Energy Policy Act of 2005 to encourage early commercial use of new or significantly improved technologies in energy projects.1 The act- specifically section 1703-originally authorized DOE to guarantee loans for projects that (1) use new or significantly improved technologies as compared with commercial technologies already in service in the United States and (2) avoid, reduce, or sequester emissions of air pollutants or man-made greenhouse gases.2 Subsequently, in December 2007, Congress enacted the Energy Independence and Security Act (EISA), which made the nation's corporate average fuel economy standards for newly manufactured passenger vehicles more stringent by requiring significant increases in the fuel economy of the vehicles being sold in the United States by 2020. In addition, EISA established the Advanced Technology Vehicles Manufacturing (ATVM) loan program, which provides loans for projects to produce more fuel-efficient passenger vehicles and their components. DOE's Loan Programs Office administers both programs, which when combined have about $51 billion in unused loan and loan guarantee authority and approximately $4.4 billion in 1 Pub. L. No. 109-58, Title XVII (Aug. 8, 2005). 2 In February 2009, Congress passed the American Recovery and Reinvestment Act, which amended Title XVII by adding section 1705 as a temporary program for the rapid deployment of renewable energy and electric power transmission projects, as well as leading-edge biofuels projects. The authority to enter into loan guarantees under 1705 expired on September 30, 2011. Pub. L. No. 111-5 (Feb. 17, 2009). GAO-1 3-331 R Status of DOE Loan Programs Page 1

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