Governor Abbott Announces Texas Energy Fund Loan For 860 MW Of New Power In West Texas

~ Governor Greg Abbott has announced the approval of a new loan from the Texas Energy Fund (TxEF) for the construction of 860 megawatts (MW) of reliable power in Ward County. This project, which is being undertaken by Vistra, will consist of two new natural gas units at the Permian Basin Power Plant and is expected to provide enough electricity to power approximately 215,000 homes in Texas.

In his statement, Governor Abbott emphasized the importance of delivering reliable power to families and businesses across the state. He stated that this project will not only strengthen grid reliability in West Texas but also support economic growth in the Permian Basin. The governor also expressed confidence that this new addition to the state's energy infrastructure will ensure Texans have access to reliable power for years to come.

The project is set to begin generating power for the Electric Reliability Council of Texas (ERCOT) region in 2028. This timeline was confirmed by PUCT Chairman Thomas Gleeson, who praised the project for bringing a significant amount of new, reliable power online and meeting the growing needs of Texas homes and businesses. He also reiterated that ensuring continued reliable and affordable electricity is always their top priority.

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Vistra President and CEO Jim Burke also expressed his appreciation for the leadership shown by Governor Abbott, Lieutenant Governor Patrick, Speaker Burrows, ERCOT, and PUCT in advancing solutions that foster economic growth. He stated that Vistra has been investing in and growing their generation fleet for decades to meet rising demand for energy in Texas. The expansion of their Permian Basin Power Plant is a testament to their commitment towards providing reliable power for the state's continued growth.

This loan agreement between PUCT and Vistra marks the eighth finalized under TxEF's In-ERCOT Generation Loan Program. This program offers low-interest loans for projects that add new, reliable power to the ERCOT region. Currently, there are seven additional applications under review, representing an additional 4,030 MW of proposed, new, reliable power for the ERCOT grid.

More information about TxEF and the In-ERCOT Generation Loan Program can be found on the PUCT website. With this latest loan approval, Texas continues to solidify its position as a national leader in energy and remains committed to providing reliable power for its citizens and businesses.

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