LD 912 LR 1097(02)
An Act To Establish the Wood Energy Investment Program
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Energy, Utilities and Technology
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Other Special Revenue Funds $5,461,388 $0 $0 $0
Other Special Revenue Funds $0 $0 $0 $0
Fiscal Detail and Notes
 At the close of fiscal year 2015-16 $13,400,000 was transferred from the unappropriated surplus of the General Fund to the Cost Recovery Fund at the Public Utilities Commission (PUC) to pay above-market costs of certain biomass contracts. This bill moves any money remaining from that transfer that is determined by the PUC to not be needed for the original purpose to be credited to the newly created Wood Energy Fund within the Efficiency Maine Trust (EMT). The PUC has determined that $5,461,388 is available to be directed into the Wood Energy Fund.
The bill includes Other Special Revenue Funds allocations to the Wood Energy Fund within the EMT of $5,461,388 in fiscal year 2019-20 to provide incentives and low or no-interest loans for new wood-derived thermal energy or cogeneration projects. Additional costs to the Finance Authority of Maine to consult with the EMT in the development of program incentives and distribution of funds from the wood energy fund can be absorbed within existing budgeted resources.