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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | August 28, 2024 01:26 PM |
|---|---|
| From: | Senator Gene Yaw |
| To: | All Senate members |
| Subject: | Pennsylvania Baseload Energy Development Fund |
| In the near future, I plan to introduce legislation that would create a Pennsylvania Baseload Energy Development Fund. This fund would help entice more baseload generation for the PJM Grid in Pennsylvania. This fund would seek to set up a revolving loan program at a low interest rate to encourage more baseload electric power generation. PJM has recently said that in the next 7-10 years there will be about 40,000 megawatts retiring and a need for an additional 40,000 megawatts in their service territory. That would be an estimated 80,000 megawatt spread in power needs within the grid. This program would help provide opportunities to increase base load generation that connects to PJM within that time frame. Pennsylvania currently supplies approximately 25% of baseload electric generation capacity to the PJM grid. If we are to maintain our position in baseload electric generation capacity and meet the increased demands which are coming, we need to incentivize investment in electric generation in the Commonwealth. This energy fund is based on the huge success which Texas has experienced in attracting baseload electric generation capacity. The Texas Energy Development Fund was first funded at $5 billion, but increased to $10 billion due to the overwhelming response. Pennsylvania has the resources to continue our leadership. We just need to support the incentive. I hope you will join me in co-sponsoring this measure. |
Memo Updated: August 28, 2024 01:27 PM