S.3586 - Geothermal Exploration Act of 2010111th Congress (2009-2010)
Summary: S.3586 — 111th Congress (2009-2010)
Introduced in Senate (07/14/2010)
Geothermal Exploration Act of 2010 - Requires the Secretary of Energy (Secretary) to: (1) establish a direct loan program for high risk geothermal exploration wells; (2) give preference to loan applicants to carry out projects for previously unexplored, underexplored, or unproven geothermal resources in a variety of geologic and geographic settings; (3) determine the cost shares for such loans, which may provide for higher federal shares for projects with higher risks; and (4) determine the number of wells for each selected geothermal project for which a loan may be made.
Requires data from all exploratory wells that are carried out under the program to be provided to the Secretary and the Secretary of the Interior for mapping national geothermal resources and other uses, including subsurface geologic data, metadata, borehole temperature data, and inclusion in the National Geothermal Data System of the Department of Energy (DOE).
Sets forth loan repayment and term provisions. Authorizes the Secretary to grant delays or dispense with a repayment obligation on a demonstration that a selected geothermal project is unproductive.
Establishes in the Treasury the Geothermal Investment Fund to be administered by the Secretary to carry out this Act.