PREF sent a letter yesterday (23rd November) to the Commissioners of the Public Utility Commission of Texas. PREF is an affiliation of leading companies that have invested tens of billions of dollars in energy infrastructure in Texas and are part of the American Council on Renewable Energy (ACORE).
Member companies, which include some of the nation’s foremost institutional investors, renewable energy developers and corporate energy offtakers, applauded the Commission’s ongoing work “to address the underlying failures that contributed to the devastation of Winter Storm Uri,” but warned that “hastily adopting a new market structure without proper diligence has the potential to create regulatory uncertainty.”
“Renewable energy development is currently providing more than $270 million in annual state, local and property tax revenues, along with lease payments to farmers, ranchers and other landowners totalling over $140 million” wrote ACORE President and CEO Gregory Wetstone. “These revenue streams, which help fund school districts and local governments across the state, may be placed at risk by policy proposals whose effects are not yet understood. Given these important considerations and the tremendous economic benefits renewable energy investment brings to Texas, we respectfully urge thoughtful deliberation on long-term market redesign proposals once the system needs driving potential redesign efforts are analysed and identified. Our member companies are eager to invest in the future of the ERCOT market, and we encourage you to give investors the clarity they need to deploy their resources in Texas.”
The renewable energy sector employs tens of thousands of Texans and has generated more than $70 billion in new investment capital across the Lone Star State.
For additional information:
