Geothermal Cost-Recovery Authority Act of 2024

Geothermal Cost-Recovery Authority Act of 2024This bill expands the Geothermal Steam Act of 1970 to give the Department of the Interior the authority to collect certain fees from holders of geothermal leases through September 30, 2031. Specifically, Interior may direct those leaseholders to reimburse the United States for costs from (1) processing applications for geothermal leases on federal land, such as applications for geothermal drilling permits; and (2) monitoring geothermal exploration and development activities, including reclamation activities. Interior may reduce the amount of the fee if it determines that (1) the full reimbursement would impose an economic hardship on the leaseholder, or (2) a less than full reimbursement is necessary to promote the greatest use of geothermal resources.Interior must use those fees for processing applications for geothermal leases and monitoring related exploration and development activities. Within five years of the bill's enactment, Interior must submit to Congress a report that includes an assessment of how the fees affect Interior's geothermal leasing program and any recommendations for updates to the fees and the program.