News Stories
Sponsored by Earth Etch. Regulatory insight and compliance solutions for today’s energy markets.
Proposed Generation From Affiliates Of Texas Retail Providers Among Projects Advancing Under In-ERCOT Loan Program
The Texas PUC has advanced to a due diligence review over 4,100 MW of proposed new generation to be built in ERCOT by affiliates of Texas retail electric providers, as part of the PUC’s Texas Energy Fund (TEF) In-ERCOT Loan Program
From the Order:
“This order addresses the set of applications submitted in accordance with 16 Tex. Admin. Code § 25.510 seeking funding under the Texas Energy Fund In-ERCOT Loan Program. After reviewing that set o f applications, the Commission determines that the following applications will be advanced to due diligence review”
“The Commission delegates authority to the executive director to approve any application identified in this order and enter into a loan agreement relating to that application, provided that the application undergoes due diligence review to the executive director’ s satisfaction.” Additionally, the Commission delegates authority to the executive director to deny any application in this order for failure to meet due diligence requirements.”
From Staff Memo:
“Commission Staff (Staff) has reviewed all 72 applications seeking funding under the Texas Energy Fund (TEF) In-ERCOT Loan Program. After evaluating the applications in consultation with the TEF administrator, Staff recommends that the Commission advance the application portfolio in Attachment 1 to this memo. Collectively, Staff’s recommended portfolio represents 9,781 MW in potential new generation and would result in $5.38 billion in loaned TEF funds if all recommended applicants were to execute a loan agreement at the requested loan amounts. Attachment 2 shows aggregated application information for Staff’ s recommended portfolio as The 9,781 MW of projects advancing to due diligence are requesting in aggregate $5.38 billion in loans.”
Staff’s Memo identifies 17 projects as advancing to due diligence out of 72 applications, which include:
Developer MW
NRG Energy, Inc. 456
Vistra Corp. 440
ENGIE Flexible Generation NA LLC 930
Constellation Energy Generation, LLC 300
Calpine Corporation 460
NextEra and Aegle Power 1,292
Mercuria Investments US, Inc;
Reliability Design and
Development, LLC 226
Competitive Power Ventures
(CPV Group LP), GE Vernova 1,350
Howard Power Generation, LLC 271
Hunt Energy Network, L.L.C.;
John Hancock Life Insurance
Company (U.S.A.); Manualife
Infrastructure III AIV;
Holdings B, L.P. 132
Rayburn County Electric
Cooperative, Inc.; Rayburn
Energy Station LLC 570
Frontier Group of Companies
(Lonestar Industrial Park LLC) 162
LS Power Equity Advisors, LLC 490
EmberClear Management;
Jupiter Island Capital 900
Hull Street Energy through wholly
owned subsidiary MPH Bastrop
Peakers, LLC 1,080
Kerrville Public Utility Board
Public Facility Corporation;
Kerrville Public Utility Board 122
WattBridge Energy IPP Holdings, LLC 600
Under the due diligence stage, the TEF administrator will evaluate whether each applicant can sufficiently support the material assertions made in each developer’s loan application. The TEF administrator anticipates that the due diligence period for each application will require between four to eight months to complete.
Staff Memo (08/29/2024)
Order Approving Loan Application Advancement And Delegation Of Authority To Executive
Director (08/29/2024)
Project 56896
Texas Energy Fund In-ERCOT Loan Program Reports And Filings
