Texas to double $5B state fund aimed at expanding the power grid
Texas plans to double its state fund to $10 billion for power grid expansion by 2030. The Texas Energy Fund supports gas-fueled plants to meet rising electricity needs, addressing past grid failures.
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Texas plans to double its state fund from $5 billion to $10 billion aimed at expanding the power grid in response to a projected surge in electricity demand by 2030. The Texas Energy Fund, approved by voters in 2023, provides low-interest loans to encourage the development of new gas-fueled power plants. This decision follows a forecast by the Electric Reliability Council of Texas indicating a significant increase in power needs. The fund aims to support the construction of gas-fueled plants independent of weather conditions to ensure reliable power supply. Companies can apply for loans until July 27, with the fund receiving notices of intent totaling $39 billion, far exceeding the initial allocation. The state's grid faced scrutiny after a 2021 winter storm led to widespread power outages and fatalities. The fund also offers incentives for grid modernization and vegetation management. The state emphasizes the urgency of reviewing grid policies in light of the growing demand for electricity.
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4 comments The state’s main electric grid operator has sharply increased its prediction for how much power demand will increase in coming years. If it’s accurate, the state would need to be able to provide nearly double the amount of power within six years.
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