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

Summary

Governor Greg Abbott today announced the eighth Texas Energy Fund (TxEF) loan for 860 megawatts (MW) of new, reliable power in Ward County, enough electricity to power approximately 215,000 Texas homes.<p>Governor Greg Abbott today announced the eighth Texas Energy Fund (TxEF) loan for 860 megawatts (MW) of new, reliable power in Ward County, enough electricity to power approximately 215,000 Texas homes. Vistra is building the project, which consists of two new natural gas units at its Permian Basin Power Plant, more than tripling the site&rsquo;s current capacity.</p> <p>"As the national leader in energy, Texas remains steadfast to deliver reliable power to families and businesses across our state,&rdquo; said Governor Abbott. &ldquo;This new 860-MW project will strengthen grid reliability in West Texas, support economic growth in the Permian Basin, and help ensure Texans have the power they need for years to come.&rdquo;</p> <p>The project is expected to begin generating power for the Electric Reliability Council of Texas (ERCOT) power region in 2028.</p> <p>&ldquo;Texas is growing, and the TxEF is ensuring our electric grid grows with it,&rdquo; PUCT Chairman Thomas Gleeson said. &ldquo;This project will bring a significant amount of new, reliable power online and help meet the needs of Texas homes and businesses. Ensuring continued reliable, affordable electricity is always our top priority.&rdquo;</p> <p>&ldquo;Reliable power is foundational to Texas&rsquo; continued growth, and for decades, Vistra has been investing in and growing our generation fleet to help meet rising demand,&rdquo; said Jim Burke, President and CEO of Vistra. &ldquo;We appreciate the leadership of Governor Abbott, Lieutenant Governor Patrick, Speaker Burrows, the Legislature, ERCOT, and the PUCT in advancing solutions that foster economic growth. This expansion of our Permian Basin Power Plant builds on existing infrastructure and makes efficient use of a proven site to support our state&rsquo;s expanding energy needs.&rdquo;</p> <p>The loan agreement between the PUCT and Vistra is the eighth finalized under the TxEF&rsquo;s In-ERCOT Generation Loan Program, which provides low-interest loans for projects that add new, reliable power to the ERCOT region.</p> <p>In addition to the eight loan agreements already approved, there are currently seven additional applications to the TxEF In-ERCOT Generation Loan Program. Together, they represent an additional 4,030 MW of proposed, new, reliable power for the ERCOT grid.&nbsp;&nbsp;</p> <p>Additional information about the TxEF and the In-ERCOT Generation Loan Program is <a href="https://links-1.govdelivery.com/CL0/https:%2F%2Fwww.puc.texas.gov%2Findustry%2Felectric%2Fbusiness%2Ftexas-energy-fund%2F/1/0100019efa0188f2-e67f5b85-f410-4f82-a2af-e2518fd89899-000000/OIEckb4acanI4IxG-T8oS24DSaG0gHDuWjoY9MaCI1I=452">available on the PUCT website</a>.</p>