The Public Utility Commission approved applications for $5.4 billion in low-interest loans to fund the construction of natural gas power plants capable of...
A gas-powered plant operated by Vistra in Midlothian. The Irving-based company was one of 17 power generation companies approved for government-backed low-interest loans Thursday by the Public Utility Commission.
Public utility commissioners approved the proposals for fossil fuel power plants capable of generating enough electricity to power 2.4 million homes. If the companies prove their projects are viable, they will receive 3% loans from the taxpayer-funded Texas Energy Fund.The Texas Legislature created the fund in 2023 to finance about 10 gigawatts of electric generation capacity to shore up the ERCOT power grid.
The loans – which at 3% interest are nearly half the rate of the average 30-year fixed mortgage in Dallas, according to– can fund up to 60% of a power plant’s cost to build. Lawmakers aim to encourage the creation of 10 gigawatts of new natural gas power for the ERCOT power grid, which encompasses the vast majority of Texas.
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