Texas offers grants for power companies to expand

Adela Uchida | Source: CBS Austin | Posted 04/26/2024

AUSTIN, Texas — Companies that build or expand power plants in Texas could soon get money from the Public Utility Commission to offset the costs. Wednesday, the PUC approved a new rule around the Texas Energy Fund bonus grant program which includes the expansion of how much a power plant can generate, not just the construction of new plants.

AI generated summary

Companies building or expanding power plants in Texas may receive financial support from the Public Utility Commission under a new rule approved on Wednesday. The Texas Energy Fund bonus grant program will now include funding for increasing power generation capacity, not just for constructing new plants. The rule mandates a minimum additional generation of 100 megawatts, with each megawatt having the capacity to power between 200 and 600 homes.

The decision to include expansions in the grant program stemmed from a proposal by Commissioner Thomas Gleeson, garnering significant support at the PUC meeting. The objective is to improve the power supply and grid reliability, particularly during high-demand periods brought on by adverse weather conditions in the rapidly growing state of Texas. Eligible for the bonus grant are companies that have built or expanded plants from June 2020 to June 2029, with the amount of funding tied to the added generation capacity. Plants must demonstrate compliance with performance standards to receive the annual grant installment.

Link to Original Article

Please find the link to the full article below. (Please note that content provider might require a paid subscription)

Source Link: https://cbsaustin.com/news/local/texas-offers-grants-for-power-companies-to-expand

Create a free trial account: Sign Up

Grid monitor is free to try. No credit card required

Texas offers grants for power companies to expand

AI generated summary

Link to Original Article

Create a free trial account: Sign Up

Already have an account? Login