SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Offshore Renewable Energy 
Development Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The United States needs additional sources of renewable 
        energy in order to address the problems of climate change, meet 
        renewable energy portfolio standards, diversify our energy mix, 
        and become more energy independent. The development of a 
        diverse supply of energy and additional alternatives to foreign 
        fuels is important for our national security.
            (2) The coastal waters of the United States possess 
        significant offshore wave, tidal, and wind energy resources. 
        The National Renewable Energy Laboratory has stated that these 
        wind, wave and tide, and ocean-based sources of energy possess 
        over 50 percent of America's total renewable energy potential.
            (3) The Department of Energy estimates that more than 
        900,000 megawatts (MW) of potential renewable energy exists off 
        the coasts of the United States. This amount of energy is 
        roughly the total current United States-installed electrical 
        capacity of the entire country, and most of this energy is 
        located near major population centers, where energy costs are 
        high. 900,000 megawatts of offshore wind generation capacity 
        would produce about 3,547,800,000 megawatt hours of electricity 
        each year. This is the same amount of energy as is contained in 
        1,927,042,446 barrels of oil, or about 25 percent of total oil 
        consumption in the United States each year.
            (4) Offshore wind energy alone has the potential to produce 
        about 3,548 billion kilowatt-hours of electricity per year, 
        which is 87 percent of the electricity generated in the United 
        States in 2006. Slightly more than half of the country's 
        identified offshore renewable energy is located off the New 
        England and Mid-Atlantic Coasts.
            (5) Approximately 90 percent of the 900,000 MW of potential 
        offshore wind energy is located in Federal waters, beyond 5 
        nautical miles from shore. Approximately 10 percent (98,000 MW) 
        is estimated to be near shore in waters less than 30 meters 
        deep.
            (6) In Europe, governments have recognized the enormous 
        potential for offshore renewable energy, have identified sites 
        for offshore energy, and have developed ambitious policy goals 
        based on harnessing this resource. Germany and the other States 
        of the European Union have been working towards a target of 12 
        percent renewable energy by 2010. Because this target was 
        surpassed in 2007. On April 26, 2008, Germany announced that 
        this target would rise to 27 percent by 2020.
            (7) With regard to wind energy, most of these European 
        sites are in deeper waters where cutting-edge technology is 
        being developed to harness these offshore wind energy 
        resources. The current depth of existing technology is 120 
        feet, but newer technologies are being pilot tested for even 
        deeper waters.
            (8) Offshore ocean energy development can generate hundreds 
        of thousands of jobs. According to the Renewable Energy Policy 
        Project, 74,000 MW of renewables, primarily from wind energy in 
        the United States would require 380,000 new manufacturing jobs 
        for component parts; 36,000 U.S. firms already produce similar 
        products that could serve the growing market
            (9) The United States also possesses the scientific and 
        technical capacity to generate renewable energy from the ocean, 
        including from wave, wind, and tidal sources. Scientists and 
        other industry experts believe that, at a minimum, the United 
        States Government should provide a policy framework to guide 
        the appropriate development of these resources. Such a 
        framework is imperative for the identification of offshore 
        sites and the rapid development of these resources in general.

SEC. 3. IDENTIFICATION OF OFFSHORE SITES FOR ALTERNATIVE ENERGY 
              FACILITIES.

    (a) In General.--The Secretary of Energy, in consultation with the 
Secretary of Commerce and State coastal zone management agencies 
administering coastal zone management programs approved under the 
Coastal Zone Management Act of 1972 (16 U.S.C. 1451 et seq.), shall 
enter into agreements with persons described in subsection (b) 
providing for assessment and identification by such persons of sites in 
the coastal zone (as that term is defined in that Act) and in the 
exclusive economic zone of the United States that are appropriate for 
the location of facilities to generate renewable electric energy.
    (b) Eligibility To Perform Assessments and Identification.--The 
Secretary of Energy shall enter into agreements under subsection (a) 
only with persons who do not and will not have any direct financial 
interest in any offshore renewable electric energy generation project, 
including State agencies referred to in subsection (a), local and 
regional governments, and universities and other academic institutions.
    (c) Consistency With Coastal Zone Management Programs.--For 
purposes of section 307 of the Coastal Zone Management Act of 1972 (16 
U.S.C. 1456), any activity for the construction, operation, or 
maintenance of a facility for offshore renewable electric energy 
generation in a location that is identified under this section as 
appropriate for that type of facility is deemed to be consistent with 
the enforceable policies of any approved State coastal zone management 
program of any affected coastal State.

SEC. 4. OFFSHORE ELECTRIC POWER GENERATION FUND.

    (a) Establishment of Fund .--There is hereby established within the 
Treasury of the United States a trust fund to be known as the Offshore 
Electric Power Generation Trust Fund (hereinafter in this section 
referred to as the ``Fund''), consisting of such amounts as may be 
transferred to the Fund as provided in this section. Amounts in the 
Fund may be used only to finance projects approved by the Secretary of 
Energy under this section.
    (b) Transfer of Amounts.--Subject to annual appropriations, the 
Secretary of the Treasury shall transfer to the Fund out of the general 
fund of the Treasury of the United States $100,000,000 for each fiscal 
year after the enactment of this section.
    (c) Investment of Fund Moneys.--
            (1) In general.--It shall be the duty of the Secretary of 
        the Treasury to invest such portion of the Fund as is not, in 
        the Secretary's judgment, required to meet current withdrawals. 
        Such investments may be made only in interest-bearing 
        obligations of the United States or in obligations guaranteed 
        as to both principal and interest by the United States. For 
        such purpose, such obligations may be acquired on original 
        issue at the issue price or by purchase of outstanding 
        obligations at the market price. Any obligation acquired by the 
        Fund may be sold by the Secretary of the Treasury at the market 
        price.
            (2) Interest and proceeds.--The interest on, and the 
        proceeds from the sale or redemption of, any obligations held 
        in the Fund shall be credited to and form a part of the Fund.
    (d) Availability of Amounts From Fund.--From amounts available in 
the Fund (including any amounts not obligated in previous fiscal 
years), the Secretary of Energy is authorized to provide grants to 
private and public entities (or public-private partnerships) in the 
United States to stimulate the development of offshore renewable 
electric energy generation. The Secretary shall provide such grants 
only to entities that themselves provide funds on a matching basis. 
Such grants shall be provided for programs or projects that achieve one 
or more of the following objectives:
            (1) Technical research related to offshore energy 
        development.
            (2) Planning and siting of offshore energy development 
        projects.
            (3) Demonstration and pilot offshore renewable energy 
        generation projects, particularly those which may subsequently 
        be expanded to a commercial scale.
            (4) Expansion, to a commercial scale, of demonstration and 
        pilot offshore renewable energy generation projects funded 
        under paragraph (3).
            (5) Job training and career assistance under section 4.
    (e) Designation of Sites.--The Secretary of Energy, in consultation 
with the Governors of affected coastal States, and after public notice 
and opportunity for comment, shall designate sites throughout the 
coastlines of the United States that the Secretary finds provide the 
greatest potential for being suitable and appropriate for the 
development of offshore renewable energy generation. No funds may be 
made available under this section for the planning, siting, or 
development of any project that is not located in a site designated by 
the Secretary under this section.

SEC. 5. OFFSHORE RENEWABLE ENERGY TECHNOLOGY DEVELOPMENT FUNDING.

    (a) Offshore Site Assessment and Planning Assistance.--There is 
authorized to be appropriated to the Secretary of Energy $25,000,000 to 
assist coastal States in planning to identify appropriate sites for 
offshore renewable energy projects, including sites appropriate for 
demonstration and testing of offshore wind, wave, and tidal energy 
technologies.
    (b) Offshore Renewable Energy Technology Development Assistance.--
There is authorized to be appropriated $160,000,000 for offshore 
renewable energy research and development, and technology development 
assistance. Funds appropriated under this subsection shall be used to 
promote advances in technology in collaboration with marine renewable 
energy centers and technology manufacturers. Such funds may also be 
used to provide infrastructure assistance for projects at sites that 
are identified under section 3, that are approved in a State's coastal 
zone management plan.
    (c) Marine Renewable Energy Centers.--There is authorized to be 
appropriated by the Secretary of Energy and the National Science 
Foundation a total of $80,000,000 to establish and support marine 
renewable energy centers. Funds appropriated under this subsection 
shall be used to facilitate private- and public-sector collaborations 
in offshore renewable energy. Marine renewable energy centers to which 
such funds are provided shall use such funds to work with State 
officials in planning and designation of offshore renewable energy 
sites, identifying economic development opportunities for affected 
coastal communities, and coordinating the establishment of test 
centers.
    (d) Marine Renewable Energy Testing.--There is authorized to be 
appropriated to the Secretary of Energy $100,000,000 to establish and 
support the testing and validation of offshore wave, wind, and tidal 
energy technologies, including wind energy blades, offshore platforms, 
and emerging offshore renewable energy technologies. Funds appropriated 
under this subsection shall be used for the development and operation 
of test center facilities, including in-water test sites, and for the 
monitoring of the performance of technologies and of environmental 
impacts for a period of 3 years.
    (e) Streamlined Permit Projects.--There is authorized to be 
appropriated to the Secretary of Interior $20,000,000 for streamlined 
permitting for individual and multiple offshore renewable energy 
technology demonstration sites and projects that promote closer science 
and technology interaction with the Department of Energy, the National 
Science Foundation, and other permit issuing agencies.
    (f) Education, Outreach, Strategic Planning and Collaboration.--
There is authorized to be appropriated to the Secretary of Energy 
$40,000,000 for other resources needed to address, through the National 
Renewable Energy Laboratory, regional strategic planning, public 
education, and outreach to promote a better public understanding of the 
benefits of offshore renewable energy and to assess large-scale project 
siting issues.
    (g) Job Training and Career Program.--The Secretary of Energy may 
carry out a program to provide job training and career assistance in 
the offshore renewable generation industry.
Offshore Renewable Energy Development Act - Directs the Secretary of Energy to enter into agreements with specified persons to assess and identify sites in the coastal zone and in the exclusive economic zone of the United States for the location of facilities to generate renewable electric energy.

Restricts such agreements to persons with no direct financial interest in any offshore renewable electric energy generation project.

Establishes the Offshore Electric Power Generation Trust Fund to finance projects approved by the Secretary.

Authorizes the Secretary to: (1) provide grants from the Fund to domestic private and public entities to stimulate development of offshore renewable electric energy generation; and (2) implement a program to provide job training and career assistance in the offshore renewable generation industry.

Authorizes appropriations to: (1) assist coastal states in planning to identify sites for offshore renewable energy projects; (2) assist offshore renewable energy research and development, including technology development; (3) establish marine renewable energy centers and the testing and validation of offshore wave, wind, and tidal energy technologies; (4) streamline permitting for renewable energy technology that promotes technology interaction with certain permit issuing agencies; (5) address, through the National Renewable Energy Laboratory, regional strategic planning, public education, and outreach to promote improved public understanding of the benefits of offshore renewable energy; and (6) assess large-scale project siting issues.
To provide for assessment and identification of sites as appropriate for the location of offshore renewable electric energy generation facilities, to provide funding for offshore renewable electric energy generation projects, and for other purposes.