Identifying and removing market barriers to hydropower

(a) Definition of commission In this section, the term Commission means the Federal Energy Regulatory Commission. (b) Report on hydropower market barriers (1) In general Not later than 270 days after the date of enactment of this Act, the Commission, in consultation with the Secretary of Energy, shall submit to the Committee on Energy and Natural Resources of the Senate and the Committee on Energy and Commerce of the House of Representatives a report— (A) describing any market barriers to the development and proper compensation of conventional, storage, conduit, and emerging hydropower technologies related to— (i) rules of Transmission Organizations (as defined in section 3 of the Federal Power Act (16 U.S.C. 796)); (ii) regulations or policies— (I) of the Commission; or (II) under the Federal Power Act (16 U.S.C. 791a et seq.); or (iii) other Federal and State laws and policies unique to hydropower development, operation, and regulation, as compared to other sources of electricity; (B) containing recommendations of the Commission for reducing market barriers described in subparagraph (A); (C) identifying and determining any regulatory, market, procurement, or cost recovery mechanisms that would— (i) encourage development of conventional, storage, conduit, and emerging hydropower technologies; and (ii) properly compensate conventional, storage, conduit, and emerging hydropower technologies for the full range of services provided to the electric grid, including— (I) balancing electricity supply and demand; (II) ensuring grid reliability; (III) providing ancillary services; (IV) contributing to the decarbonization of the electric grid; and (V) integrating intermittent power sources into the grid in a cost-effective manner; and (D) identifying ownership and development models that could reduce market barriers to the development of conventional, storage, conduit, and emerging hydropower technologies, including— (i) opportunities for risk-sharing mechanisms and partnerships, including co-ownership models; and (ii) opportunities to foster lease-sale and lease-back arrangements with publicly owned electric utilities. (2) Technical conference and public comment In preparing the report under paragraph (1), the Commission shall solicit public input, including by convening a technical conference and providing an opportunity for public submission of written comments on a draft report.