Warren Buffett group lobbying Texas lawmakers for deal to build $8 billion worth of power plants for

[TexasTowelie]

Warren Buffett group lobbying Texas lawmakers for deal to build $8 billion worth of power plants for emergency use

by Cassandra Pollock and Erin Douglas, Texas Tribune


As the Texas Legislature debated how to respond to last month’s winter storm-driven power crisis, executives at billionaire Warren Buffett’s Berkshire Hathaway Energy were pitching lawmakers an idea: The group would spend over $8 billion to build 10 new natural gas power plants in the state. Lawmakers would agree to create a revenue stream to provide Berkshire a return on its investment through an additional charge on Texans’ power bills.

Representatives for Berkshire Hathaway Energy have been in Austin meeting with lawmakers and state leaders for the past week and a half, according to a person working closely on the issue.

The proposed company, which would likely be known as the Texas Emergency Power Reserve, would build and maintain plants that sit idle during normal times, according to a slide deck obtained by The Texas Tribune. Whenever demand for power in the state threatened to surpass supply, these new plants would kick in to make up the difference, if ordered to do so by the state’s grid operator.

“When you flip that switch and say, look, demand has exceeded supply, it has to come on in 10 minutes,” Chris Brown, CEO of Berkshire Hathaway Energy, said in an interview Thursday with the Tribune. “That’s the Texas Emergency Power Reserve Promise — that’s the promise that we’re making to the citizens of Texas.”

Read more: https://www.texastribune.org/2021/03/25/warren-buffett-texas-power-plants/

[Budi]

1. Tx govt would probably do it. $8 billion is all they see $$$$$$$

I wish someone would just step in & take over for this bunch of nincompoops.

C'mon down Warren!!
Thanks

[Budi]

2. I actually prefer this deal. It makes sense & lord knows Tx needs a energy fix

"If approved, the deal would signal a move away from decades of a competitive electricity market in Texas in which all power generators in Texas are paid for the energy they produce and sell, rather than the power they could potentially generate."

[OAITW r.2.0]

3. Would be nice to see some wind and solar in their plan.

A few billion of that number would be smart for BHE's future development plans.

[Grins]

4. I think the problem is the grid, not the plants

Power was available from other states but Texas opted out of participating because - “Freedumb!!!” - it was not a member, so they had to buy power at FULL retail.

Unless that is addressed first....no.

[Deuxcents]

5. Sounds great

Anything for Puerto Rico..Virgin Islands?