This report responds to a request from Senator Jeff Bingaman, Chairman of the Senate Committee on Energy and Natural Resources, for an analysis of the Clean Energy Standard (CES) Act of 2012. The request letter and the text of the proposed legislation are provided in Appendix D. The request follows a previous study performed by the U.S. Energy Information Administration (EIA) in November of 2011, also at the request of Chairman Bingaman. In the current study, the policy is compared to EIA’s early- release Reference case scenario from the Annual Energy Outlook 2012.