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.