Texas Senate Backs Plan to Publicly Fund New Gas-Fired Power Plants
- Plan would compel residents and business to fund new plants
- Lawmakers say more gas-fried plants needed to shore up grid
Power lines near Monahans, Texas.
Photographer: Matthew Busch/BloombergThis article is for subscribers only.
The looming threat of more blackouts is spurring Texas Republicans to push through a plan that would compel residents and businesses to fund a fleet of new natural gas-fired power plants.
The Senate voted 22 to 9 on Wednesday to build up to 10 gigawatts to provide backup generation that is weatherized and has on-site fuel equivalent to 10 nuclear reactors. It would create an energy insurance fund using taxpayer money and builders of the facilities would be assured returns of up to 10%.