National Electricity and Environmental Technology Research and Development Act

National Electricity and Environmental Technology Research and Development Act - Directs the Secretary of Energy to: (1) perform an assessment that establishes cost and performance goals with respect to technologies that would permit the continued cost-competitive use of coal for electricity generation, as chemical feedstocks, and as transportation fuel in 2007, 2015, and 2020; (2) biennially transmit to Congress the results of a study to identify technologies capable of achieving specified cost and performance goals; and (3) carry out under specified Federal law a program of research on and development, demonstration, and commercial application of coal-based technologies.

Directs the Secretary to establish a clean coal power commercial applications initiative to demonstrate commercial applications of advanced coal-based technologies for new or existing power plants, including coproduction plants. Provides for financial assistance to initiative projects.