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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the Railroad Commission of Texas to |
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invest in private entities that explore for, develop, and produce |
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geothermal energy and associated resources. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 141, Natural Resources Code, is amended |
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by adding Subchapter E to read as follows: |
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SUBCHAPTER E. GEOTHERMAL PUBLIC-PRIVATE PARTNERSHIPS |
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Sec. 141.151. DUTY OF THE RAILROAD COMMISSION. The |
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commission shall establish a program to enter into partnerships |
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with producers of geothermal energy and associated resources in |
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this state to: |
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(1) encourage the production of geothermal energy and |
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associated resources in this state; and |
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(2) earn a return on investment for the state. |
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Sec. 141.152. PROGRAM CRITERIA AND OPERATION. (a) The |
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commission may enter into a partnership under this subchapter only |
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with a producer of geothermal energy and associated resources that: |
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(1) has at least $10 million in capital investment; |
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and |
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(2) has its headquarters in this state. |
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(b) When the commission enters into a partnership with a |
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producer under this subchapter, the commission may make a capital |
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investment in the producer. The amount of the investment may not |
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exceed the aggregate amount of the private capital investments made |
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in the producer. |
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(c) The commission may make capital investments in |
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producers under this subchapter only in a manner that allows the |
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state to make a return on its investment. |
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Sec. 141.153. GEOTHERMAL INVESTMENT FUND. (a) The |
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geothermal investment fund is a dedicated account in the general |
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revenue fund. |
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(b) The geothermal investment fund consists of: |
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(1) appropriations of money to the fund by the |
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legislature; |
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(2) gifts, grants, including grants from the federal |
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government, and other donations received for the fund; and |
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(3) interest earned on the investment of money in the |
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fund. |
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(c) The fund may be used only for: |
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(1) capital investments under Section 141.152; and |
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(2) administrative costs of administering the |
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partnership program under this subchapter. |
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SECTION 2. This Act takes effect September 1, 2021. |