AUSTIN – Lt. Gov. Dan Patrick issued this statement today following the Texas House and Texas Senate’s adoption of the conference committee reports for Senate Bill 2627 and House Bill 5, both by Sen. Charles Schwertner, R-Georgetown. SB 2627 and HB 5 will now be sent to Gov. Greg Abbott:

“After Winter Storm Uri, it was clear for all to see that Texas needed more reliable dispatchable power because renewable energy sources failed to keep the lights on for millions of Texans. As I traveled rural Texas last fall, I promised Texans that I would not leave Austin without legislation that would fix the Texas power grid once and for all.

“Tonight, I am proud that we have delivered on that promise for all Texans. SB 2627 will make sure that our grid is more resilient and levels the playing field between dispatchable and renewable energy sources, while HB 5 will help attract new businesses, dispatchable energy, and critical infrastructure jobs to our state. Texas is the economic envy of America and the world, and the landmark legislation package passed this evening will ensure our economic miracle continues into the mid-21st century and beyond.”

SB 2627, by Sen. Charles Schwertner, provides $7.2 billion in low-interest loans to build up to 10,000 megawatts of dispatchable power generation to shore up our grid. SB 2627 also provides $1.8 billion for backup power generation for critical infrastructure and $1 billion for non-Electric Reliability Council of Texas (ERCOT) resiliency.

HB 5, by Sen. Charles Schwertner, establishes a limited, competitive tax incentive program designed to incentivize building more dispatchable power and attract businesses engaged in national security and infrastructure development to Texas. In the past, similar incentive plans gave nearly two thirds of their money to renewables. This plan does not give any money to renewables, which already receive giant federal subsidies.