In case you are not sure it is the Cap and Trade debate.  Actually, cap and trade is only a part of the entire package, but it gets all the press.  Kinda like the health care issue only part of it is news worthy, or at least it seems.  But this issue is being beaten out of the news by the drama that is the health care debate.  The energy bill the Dems reads like this:

Amends the Federal Power Act to require FERC to adopt electricity grid planning principles derived from a federal policy (established by this Act) on electric grid planning that facilitates the deployment of renewable and other zero-carbon energy sources for generating electricity to reduce greenhouse gases (GHGs) while ensuring reliability, reducing congestion, ensuring cyber-security, and providing for cost-effective electricity services.

Amends the Energy Policy and Conservation Act to revise: (1) rules regarding improving energy efficiency in industrial equipment; (2) efficiency standards for electric motors; (3) conservation standards for lighting and appliances; and (4) the Energy Conservation Program for Consumer Products Other Than Automobiles.

Requires the Secretary to establish Clean Energy Innovation Centers to promote commercial deployment of clean, indigenous energy alternatives to fossil fuels, to reduce GHG emissions, and to ensure that the United States maintains a lead in developing and deploying state-of-the-art energy technologies.

Amends the Energy Conservation and Production Act to revise energy conservation standards for new buildings. Requires the Administrator to establish: (1) standards for a national energy and environmental building retrofit policy for residences; and (2) a building energy performance labeling program. Establishes a rebate program to assist low-income households residing in pre-1976 manufactured homes in purchasing new Energy Star qualified manufactured homes.

Designates carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, hydrofluorocarbons (HFCs) from a chemical manufacturing process at an industrial stationary source, perfluorocarbons, and nitrogen trifluoride as GHGs and establishes a carbon dioxide equivalent value for each gas. Prohibits any person from manufacturing, introducing into interstate commerce, or emitting a significant quantity of certain fluorinated gas that is generated as a byproduct during the production or use of another fluorinated gas.

Requires the Administrator to establish specified emission allowances (annual tonnage limits) for: (1) each of 2012-2049; and (2) 2050 and thereafter. Provides for the establishment and distribution of compensatory allowances for the destruction and conversionary use of fluorinated gases and the nonemissive use of petroleum-based or coal-based liquid or gaseous fuel, petroleum coke, natural gas liquid, or natural gas as a feedstock.

New and Expanded Technologies: The bill creates a Renewable and Alternative Energy Trust Fund to provide funding for energy programs authorized by federal law, such as biomass, hydroelectric, clean coal, solar, wind, geothermal and other forms of renewable energy. The fund will encourage the development of renewable, alternative and unconventional fuels, and new energy sources, using receipts from the new federal and oil gas leasing in the Arctic Coastal Plain and the Outer Continental Shelf (OCS).

Alternative Fuels: The bill spurs the development of America’s alternative fuels by repealing the “Section 526” prohibition on government purchasing fuels derived from sources such as oil shale, tar sands and coal-to liquid technology. The bill also encourages the use of clean coal-to-liquid technology by allowing federal agencies to enter into long-term contracts to buy coal-derived fuel and by authorizing the Secretary of Energy to enter into loan agreements with coal-to-liquid projects.

Tax Provisions for New and Expanding Technology: The bill encourages new and expanding energy technologies by making permanent tax credits for the production of renewable electricity, like wind, solar, and biomass. The bill also makes permanent investment tax credits for solar energy and for fuel cell properties and extends the biodiesel and renewable diesel tax credits.