Carbon Capture and Storage Early Deployment Act

H.R. 6258, the Carbon Capture and Storage Early Deployment Act, proposes the creation of a Carbon Storage Research Corporation to accelerate the development of technologies that capture and store underground the carbon dioxide emissions produced by power plants. This corporation would be funded by an annual assessment of approximately $1 billion collected from utility companies that distribute electricity generated from fossil fuels like coal, oil, and natural gas.

For the average citizen, the bill allows utility companies to recover these assessment costs from their customers, which would likely result in a small increase in monthly residential electricity bills. The funds collected would be used to issue grants and contracts for large-scale demonstration projects aimed at making carbon capture technology commercially viable for the power industry.