Section 79-6-406 - Authority to study transportation, heating, and electricity-generating fuel storage reserve(1) As used in this section, "energy fuel" means transportation, heating, and electricity-generating fuels used in the state. (2) The office shall conduct a study analyzing the potential benefits, risks, feasibility, and requirements of establishing a Utah transportation, heating, and electricity-generating fuel storage reserve. (3) A study conducted under this section shall evaluate: (a) current and predicted energy fuel consumption patterns and needs for the state; (b) existing energy fuel infrastructure in the state, including refineries, powerplants, pipelines, railroads, transmission lines, and storage facilities; (c) strengths and vulnerabilities in the state's regional and national energy fuel supply chains; (d) impacts on energy fuel availability from natural disasters, accidents, or other causes; (e) feasibility of storage options to mitigate supply risks, including: (i) optimal locations, including salt caverns located in the state; (ii) ownership structures; (iii) inventory management; (iv) strategies for prioritizing fuel supplies in emergency situations; (v) accessibility protocols; and (f) opportunities to work with industry to serve strategic initiatives and critical needs; and (g) economic modeling to analyze required state energy fuel reserve sizes and costs. (4) In conducting a study under this section, the office may: (a) contract with independent experts and consultants; and (b) coordinate with private industry and others with relevant expertise. (5) The office shall present a status update on the study in a report to the Public Utilities, Energy, and Technology Interim Committee by November 30, 2024. Added by Chapter 62, 2024 General Session ,§ 1, eff. 5/1/2024.