CPS Energy is up against steep competition in the state-run battle for low-interest loans to fund new natural gas plants. The city-owned utility submitted two pre-applications for funds to support two peaking power plants producing 444 megawatts. They’re among 123 other applications seeking the same kind of support from generators across the state, signaling major market interest in the $5 billion Texas Energy Fund approved by voters in November.
Proposition 7 is being pitched as a solution to the creaky Texas electric grid. But is it? “Seeing such a strong initial response from industry to the In-ERCOT Loan Program is an encouraging sign that the Texas Energy Fund will be an effective tool and incentivize the investment needed to bring more on-demand power to the state,” Public Utility Commission Chairman Thomas Gleeson said in a statement.
Why is CPS spending so much to keep adding more power plants? 'It's the right approach,' CEO says. The funding measure aims to incentivize natural gas-powered generation across the state, as lower-cost battery storage and solar farms continue to dominate the Electric Reliability Council of Texas’ queue of pending grid connections. Battery storage and renewable sources — such as wind and solar generation — are excluded from the loan program.
Connecting Texas power grid to others could prevent Winter Storm Uri-type outages, MIT says Proponents of renewables argue increasing battery storage will help make renewables more reliable resources and reduce natural gas reliance — the storage systems can hold onto solar or wind power until it’s needed. The Sierra Club, an environmental group, has said incentivizing more gas power is unnecessary. It calls for more focus on rooftop solar, lowering power demand, and batteries.
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