Senate Bill 709 Summary

• Establishes a $500 million special revenue fund from offshore and onshore energy production royalties for emergency response and environmental protection related to hydrocarbon releases, with excess revenues distributed to general fund (24%), highways (10%), community colleges (10%), UNC system research (15%), environmental conservation (30%), ports authority (5%), economic development (1%), and rural water/sewer infrastructure (5%)

• Directs Governor to develop a regional energy compact with South Carolina and Virginia governors addressing offshore energy exploration, federal leasing plans, revenue sharing, and reinstatement of the federal Offshore Policy Committee by May 1, 2012

• Requires Department of Environment and Natural Resources to provide comprehensive report by May 1, 2012 on commercial potential of onshore shale gas resources and recommended regulatory framework addressing drilling, permitting, hydraulic fracturing, water supply, and environmental management

• Renames Energy Policy Council as Energy Jobs Council and restructures membership from 16 to 12 members with focus on domestic energy exploration and production, appointing members with expertise in offshore natural gas, utilities, geology, transportation, wind energy, biofuels, and environmental management

• Amends Chapter 113B of General Statutes to support development of secure domestic energy supplies including natural gas, coal, hydroelectric, solar, wind, nuclear, and biomass while protecting natural resources and public health and safety