Texas lawmakers say they plan to double the state's energy fund from $5 billion to $10 billion after ERCOT said it expects demand will nearly double in the next six years.
The fund was approved by voters in November and offers low-interest loans to incentivize developers to build new gas-fueled power plants.
"The average plant will take three to four years to complete, and new transmission lines will take three to six years to complete," Texas Gov. Greg Abbott (R) and Lt. Gov. Dan Patrick (R) said in a written statement. "Texas is 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."
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