AUSTIN The Public Utility Commission of Texas (PUCT) on Thursday selected the projects that will advance to the next phase of the application review process for the Texas Energy Fund (TEF) In-ERCOT Generation Loan program. The Commissioners selected 17 projects representing a total of 9,781 megawatts (MW) of proposed new dispatchable power generation projects and a total requested loan amount of $5.38 billion.
“This is an enormous step forward in our on-going work to meet the fast-growing demand for electricity in our state,” PUCT Chairman Thomas Gleeson said in a news release. “Each application was closely analyzed, and the projects selected to advance will have the greatest impact in meeting the needs of the ERCOT grid and ensure long-term electric reliability in Texas.”
Applications were evaluated based on the applicant’s experience and strength of financing as well as the proposed project’s technical and financial attributes. In addition, commissioners identified five priorities for developing a portfolio of projects to advance to the next phase of the review process: diversity among applicant types, diversity in siting location, speed to market, ability to relieve transmission constraints, and diversity of generation resource type.
At today’s open meeting, the Commission authorized the PUCT’s Executive Director to enter into a loan agreement with applicants that satisfactorily complete the due diligence review.
The following projects will advance to due diligence:
The projects selected to advance today would provide dispatchable power generation and reliability benefits to multiple regions of the state. A map of the general locations of advancing projects and breakdown of the various technology types of the proposed projects is available in the memo filed by PUCT staff.
In total, the Commission received 72 applications to the In-ERCOT Generation Loan Program seeking more than $24 billion in funding for projects representing over 38,000 megawatts of proposed new dispatchable generation. PUCT staff and the TEF administrator assessed each of the applications individually based on criteria outlined in PURA and the PUCT’s rules.
PUCT staff’s assessment of each of the 72 applications was provided to the Commissioners. Staff also presented a recommended portfolio of applications that addressed the Commissioners’ five core priorities for advancement to due diligence.
Texans voted to create the TEF through a constitutional election on November 7, 2023. The In-ERCOT Generation Loan Program is one of four TEF programs established under the Powering Texas Forward Act. More information on the In-ERCOT Generation Loan Program and the Texas Energy Fund’s three additional programs is available here on the PUCT website.
