Build More Power Act

The "Build More Power Act" aims to bolster the nation's energy infrastructure by extending key federal loan guarantee programs. It amends the Energy Policy Act of 2005, pushing the availability of funds and commitment authority for energy infrastructure reinvestment financing from 2028 to 2032. This extension provides a longer window for projects to secure financial support for upgrades and modernization.

A significant focus of the bill is on energy infrastructure deemed critical during emergencies. It mandates that the Secretary of Energy solicit loan guarantee applications for facilities required to generate electric energy under an emergency order (Section 202(c) of the Federal Power Act). For these essential facilities, the bill sets aside not less than $20,000,000,000 of the total principal amount available for loan guarantees, ensuring dedicated funding for power generators vital for grid stability during crises.

Furthermore, the legislation extends the availability of funds under the Inflation Reduction Act of 2022 for related energy projects until 2032. To ensure accountability and inform future policy, the Secretary of Energy is required to submit a report to Congress within one year. This report will detail projects receiving guarantees, the amount of electric capacity added, total guarantee amounts, and provide recommendations on how to best incentivize investment in upgrades to aging coal facilities.