This document includes House Floor Amendments incorporated into the bill on Fri, Feb 2, 2024 at 2:38 PM by housengrossing.
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7 LONG TITLE
8 General Description:
9 This bill requires the Office of Energy Development to conduct a study analyzing
10 Utah's energy fuels infrastructure and supply chain.
11 Highlighted Provisions:
12 This bill:
13 ▸ defines terms;
14 ▸ directs the Office of Energy Development to study the feasibility and benefits of
15 establishing a transportation, heating, and electricity-generating fuel storage reserve
16 in the state;
17 ▸ specifies study requirements and considerations;
18 ▸ allows the Office of Energy Development to contract with consultants for the study;
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20 ▸ requires a status update on the progress toward the study results and
21 recommendations.
22 Money Appropriated in this Bill:
23 None
24 Other Special Clauses:
25 None
26 Utah Code Sections Affected:
27 ENACTS:
28 79-6-404, Utah Code Annotated 1953
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30 Be it enacted by the Legislature of the state of Utah:
31 Section 1. Section 79-6-404 is enacted to read:
32 79-6-404. Authority to study transportation, heating, and electricity-generating
33 fuel storage reserve.
34 (1) As used in this section, "energy fuel" means transportation, heating, and
35 electricity-generating fuels used in the state.
36 (2) The office shall conduct a study analyzing the potential benefits, risks, feasibility,
37 and requirements of establishing a Utah transportation, heating, and electricity-generating fuel
38 storage reserve.
39 (3) A study conducted under this section shall evaluate:
40 (a) current and predicted energy fuel consumption patterns and needs for the state;
41 (b) existing energy fuel infrastructure in the state, including refineries, powerplants,
42 pipelines, railroads, transmission lines, and storage facilities;
43 (c) strengths and vulnerabilities in the state's regional and national energy fuel supply
44 chains;
45 (d) impacts on energy fuel availability from natural disasters, accidents, or other
46 causes;
47 (e) feasibility of storage options to mitigate supply risks, including:
48 (i) optimal locations, including salt caverns located in the state;
49 (ii) ownership structures;
50 (iii) inventory management;
51 (iv) strategies for prioritizing fuel supplies in emergency situations;
52 (v) accessibility protocols; and
53 (vi) funding mechanisms;
54 (f) opportunities to work with industry to serve strategic initiatives and critical needs;
55 and
56 (g) economic modeling to analyze required state energy fuel reserve sizes and costs.
57 (4) Ĥ→ In conducting a study under this section, ←Ĥ Ĥ→ [
57a :
57b (a) ←Ĥ contract with independent experts and consultants Ĥ→ [
58 study described in this section.
58a (b) coordinate with private industry and others with relevant expertise. ←Ĥ
59 (5) The office shall present a status update on the study in a report to the Public
60 Utilities, Energy, and Technology Interim Committee by November 30, 2024.
61 Section 2. Effective date.
62 This bill takes effect on May 1, 2024.