President George W. Bush is doing something he has wanted to do for four years: sign legislation that marks a major overhaul of U.S. energy policies, AP reported Bush is to sign the 1,724-page bill Monday in New Mexico, home of Republican Sen. Pete Domenici, a driving force in getting the measure passed with bipartisan support last month. The measure ended a yearlong congressional standoff over energy policy. Supporters say that in the long run, the new law will refocus U.S. energy priorities and promote cleaner and alternative sources of energy. Bush has said he believes the nation must find new ways, besides fossil fuels, to power the economy. But even the bill's sponsors acknowledged the legislation will have little, if any impact, on today's energy prices or wean the nation away from its thirst for oil. Domenici, who chairs the Senate Energy and Natural Resources Committee, said the bill would provide financial incentives and federal policies «that we as a nation will benefit from, not tomorrow but for the next five or 10 years.» The measure funnels billions of dollars to energy companies, including tax breaks and loan guarantees for new nuclear power plants, clean coal technology and wind energy. But for the first time, utilities will be required to comply with federal reliability standards for its electricity grid, instead of self-regulation. That is intended to reduce the chance of a repeat of a power blackout, such as the one that struck the Midwest and Northeast in the summer of 2003. For consumers, the bill would provide tax credits for buying hybrid gasoline-electric cars and making energy-conservation improvements in new and existing homes. Also, beginning in 2007, the measure extends daylight-saving time by one month to save energy. --more 1151 Local Time 0851 GMT
