H.R. 8262 — Build More Power Act

This section amends Section 1706 of the Energy Policy Act of 2005 (i.e., DOE's Innovative Energy Loan Guarantee Program, which provides loan guarantees for high-cost projects deploying innovative energy technologies, including reinvestment financing for facilities that cease operations) to expand eligibility for energy infrastructure required by DOE emergency orders under section 202(c) of the Federal Power Act (FPA) (i.e., orders to generate electricity during supply shortages or emergencies, often affecting retiring coal or fossil plants). Specifically, such infrastructure is deemed to have ceased operations for reinvestment financing under subsection (a)(1); DOE must solicit loan guarantee applications for related projects under subsections (a)(1)-(3) upon issuing such orders (or within 60 days for existing orders in effect on enactment); and, of the total principal amount available for commitment through FY2032 under section 50144(b) of the Inflation Reduction Act of 2022, at least $20 billion is reserved for these facilities. The section further extends the program's fund availability through 2032 (from 2028 under section 1706(f) and from 2026 under section 50144(a)) and commitment authority through 2032 (from 2028 under section 50144(b)). Finally, this section requires DOE to submit to Congress, not later than one year after enactment, a report on loan guarantees issued in the first year post-enactment (including electric capacity added and total principal guaranteed) and recommendations to incentivize upgrades to aging coal facilities.