LD 912 – An Act To Establish the Wood Energy Investment Program

Summary: This bill establishes the wood energy investment fund and creates the Wood Energy
Investment Program within the Efficiency Maine Trust. The bill specifies that, if the Public Utilities
Commission finds that an entity awarded a contract for biomass resources pursuant to Public
Law 2015, chapter 483 is not meeting contract requirements and therefore is not qualified to
receive the full contract payment or any contract payment, those funds that would have been
paid had contract requirements been met must be transferred to the wood energy investment
fund. It also specifies that any funds remaining in the cost recovery fund established in Public
Law 2015, chapter 483, section 1, subsection 5 that are not needed to pay above-market costs
for biomass resources must also be transferred by the Public Utilities Commission to the wood
energy investment fund. It requires the trust to use funds from the fund, if there are any, to
provide incentives and low-interest or no-interest loans for new wood-derived thermal energy or
cogeneration projects. It requires that the trust consult with the Finance Authority of Maine, when
appropriate, in the development of any Wood Energy Investment Program incentives and the
distribution of money from the wood energy investment fund. It prohibits the use of funds for
incentives or loans for the refurbishment or maintenance of existing facilities.

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