Gov. Greg Abbott and Lt. Gov Dan Patrick will seek to expand a taxpayer-backed program that primarily funds low-interest loans to build natural gas power plants in Texas to $10 billion from $5 billion “as soon as possible,” they said Monday. The move comes in response to new estimates from the Electric Reliability Council of Texas, the state’s power grid operator, that the state could need 152 gigawatts of power in six years, roughly doubling the current record of 85.5 gigawatts.
Energy enters competitive battle for Texas Energy Fund loans to build gas-powered plants Voters in November approved a $10 billion package known as the Texas Energy Fund, which is intended to incentivize building new sources of on-demand electricity generation, excluding battery storage, for the ERCOT grid, with $5 billion available in 2024 and 2025. Developers have submitted 125 notices of their intention to apply for $38.
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