Texas governor looks to double state energy fund to $10 B to build gas plants

7/3/2024

Texas Governor Greg Abbott and Lieutenant Governor Dan Patrick said they will seek to expand the Texas Energy Fund program to $10 B to build more natural gas plants to meet the state's growing demand for electricity. The statement said Texas currently has about 85,000 megawatts of power available including wind, solar, coal, nuclear and natural gas, but may need 150,000 megawatts by 2030.

The fund was approved last year to provide a $5 B low-interest loan program to incentivize the building of dispatchable natural gas plants. "Texas has already received notice of intent to apply for $39 B in loans, making the program nearly eight times oversubscribed," the statement said.