09/09/2024

Texas Chemical Manufacturers Applaud PUC’s Advancement on Energy Fund Generation Projects

Texas Chemical Manufacturers Applaud PUC’s Advancement on Energy Fund Generation Projects

Enhanced on-demand generation strengthens electricity reliability, affordability, and industry competitiveness

The following statement is from Hector Rivero, President and CEO of the Texas Chemistry Council:

We commend the Texas legislature and the Public Utility Commission (PUC) for their efforts to enhance grid reliability and expand dispatchable generation in our rapidly growing state. The Texas Energy Fund (TEF), a groundbreaking initiative created by the Texas Legislature and approved by voters last fall, stimulates investment in on-demand generation projects, ensuring diverse and reliable energy generation necessary to keep Texas competitive and safe. We applaud PUC’s recommendation of a portfolio of 17 projects for due diligence under the TEF’s In-ERCOT Generation Loan program. These projects, totaling 9,781 MW of potential new generation and $5.38 billion in requested loans, would significantly bolster our state’s energy infrastructure. We look forward to these projects progressing and are confident the Commission will ensure the Fund’s resources are used effectively to maintain Texas’ position as the leading state for business, job creation, and strong communities.

The Texas Chemistry Council (TCC) represents 65 member companies who own and operate more than 200 manufacturing and research facilities across the state of Texas. Our members have over $250 billion in physical assets in the state, directly employ more than 80,000 Texans, and is responsible for 400,000 indirect industry jobs in the form of contractors, suppliers, and service providers that support the business of chemistry in Texas. The business of chemistry provides high wage jobs, a vital tax-base and is a cornerstone of many Texas communities.

Texas chemical manufacturing is the number one non-energy export in the state with over $50 billion in products and materials exported annually to customers around the world.   The business of chemistry in Texas pays more than $2.3 billion in state and local taxes.