In an effort to meet his goal of moving a bill out of committee by Memorial Day, Energy and Commerce Chairman Waxman will release a new version of his draft climate change/energy legislation this week. The new draft comes on the heels of a cancelled subcommittee markup of the previous draft legislation, as well as a number of meetings with moderate Democrats. The meetings were an attempt to reach compromises on key issues like allowance allocations, emissions targets, and a renewable electricity standard. Due to time constraints, Chairman Waxman may be forced to take the new bill straight to full committee.