S.944 - Renewable Energy Investment Act of 2003108th Congress (2003-2004)
Summary: S.944 — 108th Congress (2003-2004)
Introduced in Senate (04/29/2003)
Renewable Energy Investment Act of 2003 - Requires each retail electric supplier to submit annually to the Secretary of Energy renewable energy credits according to a prescribed annual percentage of the supplier's total amount of kilowatt-hours of nonhydropower electricity sold to consumers during the previous calendar year.
Requires each retail electric supplier during a calendar year to generate a specified percentage of nonhydropower electricty by renewable energy sources, escalating from five percent during calendar 2006 through 2009 by five percent increments during subsequent five-year periods up to twenty percent in calendar 2020 and beyond.
Directs the Secretary to establish a program to issue, monitor the sale or exchange of, and track renewable energy credits.
Authorizes any entity that is issued or has acquired a renewable energy credit to sell or exchange it. Requires the Secretary to sell credits at prices determined by a certain formula.
Subjects to a civil penalty a retail electric supplier who does not submit the requisite renewable energy credits.
Authorizes the Secretary to distribute receipts from sales to the States in order to promote State renewable energy production and use.