TEXAS, December 27 - December 27, 2024 | Austin, Texas | Press Release

Governor Greg Abbott today championed Texas' booming energy industry and highlighted the progress that Texas made in 2024 to increase the electric capacity of the state grid and invest in an all-of-the-above energy approach to solidify Texas as the world's energy hub. 
 
“Texas would not be the energy capital of the world without the hard work of the men and women of the energy industry,” said Governor Abbott. "As Texas continues to experience unprecedented growth, we will remain a leader in energy while also bolstering the Texas grid to meet the growing demands of our great state. In the last twelve months, we increased dispatchable power capabilities of the grid ensuring that every Texan has access to affordable and reliable power. Working together, we will continue to strengthen our energy industry and increase capacity to ensure every home and business has the power needed to thrive in 2025 and beyond.”
 
2024 HIGHLIGHTS FROM TEXAS' ENERGY SECTOR:

Governor Abbott Touts Texas Energy During Fireside Chats In 2024 

Governor Greg Abbott this year touted Texas’ robust energy sector during fireside chats across the state and discussed the crucial work the men and women of the energy industry do to keep the state the energy capital of the world.
 
At the Dallas Citizens Council 2024 annual meeting earlier this month, Governor Abbott championed the state’s energy sector, highlighting Texas as No. 1 for wind power generation and No. 1 for utility-scale solar capacity that cements Texas as the energy capital of the world. Additionally, Governor Abbott discussed Texas’ ongoing efforts to become the epicenter of the nuclear energy supply chain to help power the state grid. 
 
During a fireside chat at the Lone Star Energy Forum in November, Governor Abbott discussed the Texas Energy Fund and noted that Texas should prioritize nuclear energy deployment to ensure Texas continues to utilize robust energy sources to meet growing demands. 
 
While speaking at the Texas Electricity Policy Summit in April, Governor Abbott touted Texas as the No. 1 state for wind-powered generation and the top state in the nation for utility-scale solar, with fossil fuel power serving as the backbone of the Texas grid. Additionally, Governor Abbott mentioned that he signed a law last year that created the Texas Energy Fund to provide up to $10 billion over the next four years in loans and grants to expand or build new dispatchable power across the state. 
 
In February at the NAPE Summit with Oklahoma Governor Kevin Stitt, Governor Abbott highlighted Texas' robust energy sector and ways the state can continue to defend this critical industry from federal government overreach. The Governor also touted new records set by the state's booming energy industry this past year, including in crude oil production, natural gas production, and natural gas liquids production. 

Governor Abbott Celebrates Hundreds Of Megawatts Added At LCRA Peaker Power Plant Groundbreaking Ceremony

Earlier this year, Governor Abbott celebrated Texas expanding access to affordable and reliable power at a groundbreaking ceremony in Maxwell for the two new Lower Colorado River Authority (LCRA) peaker power plants, which will add hundreds of megawatts of power to the Texas electric grid.
 
"To keep the Texas economy booming, we need to continue building affordable, reliable power," said Governor Abbott. "That's why plants like these in the growing Central Texas region are so important. Texas has already added over 3,000 megawatts of dispatchable power to the grid in the last 12 months, and with the addition of two new power facilities, we will continue in our mission to create more power for Texans." 
 
The first of the two power plants is currently under construction and is expected to be operational in 2025. 

Governor Abbott, Lt. Governor Patrick Joint Statement On Texas Energy Fund

In July, Governor Abbott and Lieutenant Governor Dan Patrick issued a statement concerning the future of the Texas Energy Fund. The Texas Energy Fund provides $5 billion in low-interest loans to build more dispatchable natural gas plants. The Governor and Lieutenant Governor seek to expand it to $10 billion to build more power plants.
 
"In recent testimony before the Senate Business and Commerce committee, ERCOT CEO Pablo Vegas testified that Texas may need 150,000 megawatts of power to power our grid by 2030. That is only six years away. Currently, Texas typically has approximately 85,000 megawatts of power available counting wind, solar, coal, nuclear, and natural gas. If the new estimate is correct, the updated numbers provided by Mr. Vegas call for an immediate review of all policies concerning the grid.
 
Last year, voters overwhelmingly approved Senate Joint Resolution 93, which created the Texas Energy Fund, providing for a $5 billion low-interest loan program to incentivize the building of more dispatchable natural gas plants. Texas has already received notice of intent to apply for $39 billion in loans, making the program nearly eight times oversubscribed. With the new projections for 2030, we will seek to expand the program to $10 billion to build more new plants as soon as possible. The average plant will take three to four years to complete, and new transmission lines will take three to six years to complete. Texas is currently the fastest state to approve and build new plants and transmission lines because of our low regulations and pro-business policies, but we must move quickly."

Governor Abbott, PUCT Release Texas Advanced Nuclear Reactor Working Group Report

Last month, Governor Abbott and the Public Utility Commission of Texas (PUCT) announced the release of the Texas Advanced Nuclear Reactor Working Group’s final report on Texas’ plan to build a world-leading advanced nuclear power industry to enhance electric reliability and energy security, promote economic development, and unleash new opportunities for the growing Texas workforce.
 
“Texas is the energy capital of the world, and we are ready to be No. 1 in advanced nuclear power,” said Governor Abbott. “By utilizing advanced nuclear energy, Texas will enhance the reliability of the state grid and provide affordable, dispatchable power to Texans across the state. As we build an advanced nuclear industry in our great state, we will ensure Texas remains a leader in energy and strengthen the Texas grid to meet the demands of our growing state.”
 
View the full Texas Advanced Nuclear Reactor Working Group report and recommendations here.