The fund provides taxpayer-backed 3% interest loans to companies that build natural gas power plants.
Abbott and Patrick issued a joint statement indicating they would double the budget of the Texas Energy Fund to $10 billion after energy companies showed strong interest in the program, which would give 3% interest loans of taxpayer cash to the builders of natural gas power plants.Their statement came after recent testimony from ERCOT CEO Pablo Vegas indicated that Texas’ power demand could nearly double in six years.
Abbott and Patrick said they would get the second $5 billion “as soon as possible” without elaborating on whether they would push lawmakers or seek taxpayer dollars elsewhere. Abbott and Patrick’s offices did not return an email seeking clarification.
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