Texas to boost energy fund to $10 billion to expand power grid
In response to rising electricity demands, Texas will double its state fund for power grid expansion from $5 billion to $10 billion.
Kayla Guo reports for The Texas Tribune.
In short:
- Texas plans to expand the Texas Energy Fund to $10 billion, offering low-interest loans to build new gas-fueled power plants.
- The state’s grid operator predicts electricity demand will nearly double by 2030, prompting an immediate policy review.
- The fund will also provide bonuses and grants for plant connection, modernization and weatherization.
Key quote:
"[The numbers in the new forecast] call for an immediate review of all policies concerning the grid."
— Gov. Greg Abbott and Lt. Gov. Dan Patrick in a press release.
Why this matters:
The state's commitment to bolstering its power grid is a critical step towards ensuring reliable electricity for millions of residents. Recent years have highlighted the vulnerabilities in Texas's energy infrastructure, most notably during the devastating winter storm in 2021 that left millions without power in freezing temperatures. The expanded funding aims to prevent such crises by enhancing grid resilience and capacity.
