Clean Power Act of 2007 - Amends the Clean Air Act to require the Administrator of the Environmental Protection Agency (EPA) to: (1) promulgate regulations to achieve specified reductions in emissions of sulfur dioxide, nitrogen oxides, global warming pollutants, and mercury from certain electric generation facilities; and (2) establish an emission allowance tracking and transfer system for sulfur dioxide, nitrogen oxides, and carbon dioxide.
Requires facilities to achieve specified emission standards should emission limitation regulations not be promulgated.
Directs the Administrator to study the impact of emission allowance trading. Limits the trading of allowances with facilities other than electricity generating facilities to certain carbon dioxide emission control programs. Sets forth an allocation scheme for emission allowances.
Directs the Administrator to: (1) establish and annually review emission limitations for mercury; and (2) promulgate regulations preventing captured or recovered emissions from being re-released into the environment.
Requires the Administrator to: (1) request information from owners/operators of coal-fired electric generation facilities about hazardous air pollutants other than mercury; and (2) propose and promulgate emission standards for such pollutants by January 1, 2009.
Directs the Administrator to require units designed to provide electricity at a unit capacity factor of at least 60% that begin operation after December 31, 2011, to meet a global warming pollution emission standard that is not higher than the emission rate of a new combined cycle natural gas generating unit.
Requires a covered generator to provide a minimum percentage of the base quantity of electricity it produces for sale for a year from low-carbon generation. Directs the Administrator to establish: (1) a low-carbon generation trading program; and (2) a competitive grant program for projects to geologically dispose of carbon dioxide.
Requires: (1) each retail electricity supplier to implement programs to achieve improvements in energy efficiency and peak load reduction; and (2) the Administrator to establish targets to reduce peak demand and electricity use.
Requires the Administrator to define the types and sources of renewable energy generation that may be carried out under this Act, which shall include all types of renewable energy other than energy generated from municipal solid waste, wood contaminated with plastics or metals, or tires. Sets forth the minimum quantity of electricity that shall be generated by renewable energy sources. Requires the Administrator to establish a renewable energy credit program.
Requires the Secretary of Agriculture to establish standards for accrediting certified reductions in the emission of carbon dioxide through biological sequestration activities.
Makes noncompliance with requirements or regulations under this Act unlawful. Authorizes the President to temporarily adjust, suspend, or waive any such regulation to minimize the effects of a national security emergency.
Modifies reporting requirements for the acid precipitation research program.