Establishes a New Technology Program to evaluate repurposing oil and gas wells or geothermal wells for renewable energy storage or generation.
The bill establishes a New Technology Program within the Geologic Energy Management Division to facilitate the evaluation of repurposing oil and gas wells or geothermal wells for renewable energy storage or generation. The program will accept proposals from operators, evaluate them, and determine if they can be implemented as underground injection control projects. The division will issue public guidelines on eligible projects and must report annually to legislative committees. Operators of experimental wells will pay an annual charge to cover regulatory costs.
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