§2204 Electric utility contracts; authority to enter into; cancellation; submission to Energy Committees

Summary

The Commission can make new or change old contracts to buy electric service for the Oak Ridge, Paducah, and Portsmouth sites for up to 25 years, even if that means not following some federal rules about spending and contracting in title 31. The Commission may end those contracts early if it pays the cancellation costs written into the contract. Money already or later given to the Commission can be used to pay those costs. If the Commission or another federal agency later buys power from that contractor before the original contract would have ended, those cancellation payments must be considered when setting the price. If the Tennessee Valley Authority would have provided the power, the Commission may instead hire someone to supply TVA. Any contract made this way must be sent to the Energy Committees. There is a 30-day waiting period while Congress is in session before the contract takes effect. Days when either House is out for more than three days do not count. The Energy Committees can waive all or part of the 30-day wait in writing.