The Energy Parity Act would amend federal energy law to require that any reduction in fees or royalty rates for renewable energy projects like wind and solar must be matched with equal percentage reductions for oil and gas operations. Currently, the law allows the federal government to reduce capacity fees charged to renewable energy developers, but this bill would mandate that oil and gas companies receive corresponding reductions in their royalty rates whenever that happens. The bill also lowers the minimum bids and rental rates for federal oil and gas leases, reducing the amount companies must pay upfront from $10 per acre to $2 per acre and cutting the annual rental rate to $1.50 per acre for the first five years of a lease. Within 120 days of enactment, the Bureau of Land Management would need to update its rules governing renewable energy projects on federal lands to implement these changes. The legislation creates a mechanism to ensure oil and gas development receives the same financial incentives as renewable energy development on public lands.
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