Texas Plans to Double Energy Fund to Meet Future Power Demand

Governor Abbott and Lt. Governor Patrick announce expansion as grid operator forecasts significant increase in electricity needs by 2030.

The Texas Energy Fund will increase from $5 billion to $10 billion to support new gas-fueled power plants.
ERCOT projects that Texas will need 150,000 megawatts of power by 2030, nearly double the current capacity.
The fund offers low-interest loans and bonuses to incentivize rapid construction of new power plants.
Texas received $39 billion in loan applications, far exceeding the initial $5 billion allocation.
The state's grid faced scrutiny after a 2021 winter storm caused widespread outages and fatalities.