129th MAINE LEGISLATURE LD 912 LR 1097(01)
An Act To Establish the Wood Energy Investment Program
Preliminary Fiscal Impact Statement for Original Bill Sponsor: Pres. Jackson of Aroostook Committee: Energy, Utilities and Technology Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Projections Projections FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 Appropriations/Allocations Other Special Revenue Funds $5,461,388 $0 $0 $0
Transfers 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 EMT will require an Other Special Revenue Funds allocation to the Wood Energy Fund 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.
LR1097(01) - Fiscal Note - Page 1 of 1