Texas lends $562 million at 3% interest
To add dispatchable electric power fueled by natural gas
Texas, in ERCOT and outside ERCOT, uses a systems approach to building the sources for the electric grid.
This program provided 3% loans for qualifying plants building dispatchable electricity. The owners hope to provide the first kWh for sale in 2028. Three more years of construction of solar and batteries will have occurred by then.
NRG will own this plant.
Texas inside ERCOT does not have the utility company structure of other states. Three types of companies are involved in generating, distributing, and selling electricity. In this case NRG will be the generator, CenterPoint Energy owns the distribution towers and wires up to customer meters, and customers contract with one of many Retail Electricity Providers by accepting one of their offered plans or negotiating their own terms.
The Texas Energy Fund was established by the legislature and has $7 billion dollars to loan at 3%. NRG’s Baytown natural gas power plant gets $562 million loan.
https://chron.com/news/houston-texas/article/gas-nrg-energy-plant-abbott-21071985.php