Senator Reed Discusses the Energy Policy Modernization Act of 2015
Mr. REED. Mr. President, first let me commend Senator Brown for his very thoughtful and articulate comments on the earned-income tax credit.
Mr. President, I am very glad that the Senate is taking up the issue of energy this week. The bill we are debating takes positive steps forward to encourage energy efficiency in Federal and commercial buildings, modernize the electric grid, and boost renewable sources of energy.
I am particularly pleased that provisions I have worked on, on a bipartisan basis with Senators COONS and COLLINS, to enhance the Weatherization Assistance Program and the State Energy Program are included. These provisions improve these programs that help low-income Americans reduce their energy bills by making their homes more energy efficient, and many of these individuals are senior citizens who are day-by-day struggling on fixed incomes, trying to pay not just a heating bill but the grocery bill and many other bills. I have long championed these cost-effective programs that are helping families across my State and across the Nation to provide a warm and safe home while also increasing energy efficiency.
Indeed, weatherization to me is one of the most sensible steps. It is in some respects the low-hanging fruit. If we can reduce demand, then we can go a long way not only in terms of our energy situation but also our environmental situation.
We are here today because of the great work of the Chairwoman, Senator Murkowski, and the Ranking Member, Senator Cantwell. They have done an extraordinary job. I am not surprised, as they are extraordinary Members of this body. I want to personally thank them and commend them for what they have done not just in this effort but in many other efforts. Indeed, I have joined Senator Cantwell as a cosponsor of her bill that goes so much further than the current bill on the Senate floor to modernize our current electrical infrastructure and promote greater use of domestic energy and renewable energy. I would like to extend my thanks and commendations to both Senators.
One area that I believe needs further focus as we move forward is the issue of energy storage. I am glad to be working with my colleague from Nevada, Senator Heller, on amendments that support more efficient use of Federal funding for energy storage research at the Department of Energy and encourage energy storage usage in public utilities.
Advances in energy storage, advances in batteries--and sometimes it is the same thing--can help improve the reliability, resiliency, and flexibility of the grid as well as reduce the potential for future rate increases, saving us all money on our utility bills.
Senator Heller and I have submitted two amendments that we hope will spur action in this area. One amendment would give the Secretary of Energy the ability to coordinate energy storage research and development projects among the existing programs at DOE to maximize the amount of funding that goes toward research and minimize administrative costs. We feel it does not have that flexibility at the moment.
I also joined Senator Heller in offering another amendment, in which he is indeed the lead sponsor, which amends the Public Utility Regulatory Policies Act so industry and State regulators must consider energy storage when making their energy efficiency plans.
I also, in addition to these proposals, would like to use this opportunity to encourage greater attention to the financial impacts of climate change caused by energy consumption. It is clear not only that the SEC needs to do more when it comes to critically reviewing disclosures being filed by publicly traded companies, but also that the SEC's disclosure industry guides for mining companies and oil and gas companies should be updated to reflect the growing risk of climate change to these companies and, in effect, to their shareholders.
That is why I am offering an additional amendment that directs the SEC to update these industry guides as well as to consider and incorporate appropriate suggestions from the United Nations Environment Programme Finance Initiative's report entitled ``Climate Strategies and Metrics: Exploring Options for Institutional Investors,'' which was published in 2015.
These disclosures are important to institutional investors such as Allianz Global Investors, for example, which is a global diversified active investment manager with $477 billion in assets under management, which has specifically called for ``achieving better disclosure of the effects of carbon costs on the oil and gas companies.''
What we are trying to do is respond to the growing demand of investors and shareholders so they can make better judgments about their investments.
It is also important for us to continue to invest in our energy infrastructure and support cutting-edge technological advancements while effectively monitoring the effects of our energy consumption on our economy and our environment. One way of doing this is once again to have assurances that investors have the knowledge they need to make wise decisions about their investments.
All told, this is very responsible and appropriate legislation. We can make improvements. I hope the amendments I have proposed, along with Senator Heller, can get favorable consideration as we move forward.
Once again, let me thank Senators MURKOWSKI and CANTWELL for extraordinary leadership.
With that, Mr. President, I yield the floor.