As the power grid approaches record levels of demand during a triple-digit heat wave, industry leaders gathered in Fort Worth to talk about the energy market.
The Texas Oil & Gas Association hosted a summit on Texas energy, including remarks from former U.S. Energy Secretary Dan Brouillette and state lawmakers.
State Sen. Kelly Hancock gave an update on actions taken during the legislative session involving the power grid. He said funding passed by the legislature to incentivize new power generation will take time to build.
“I do think as we move forward we’ve done a lot,” Hancock said. “Now, I think it’s time for markets to kind of settle out and let investors feel comfortable coming in and investing in the type of technology that we need.”
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As more people move to the state, challenges remain to meet demand while keeping costs low. Texans faced record electric bills last summer.
“We’ve got to have a balanced market so we want to make sure that homeowners have the lowest cost electricity that they can have, but we also want to make sure that the lights are on and balancing that is really where the conversation is at this time,” Hancock said.
“Texas has done a great job of diversifying its grid,” Brouillette said. “You have wind, you have solar, you have natural gas, nuclear power. You have all the right elements to provide a firm base load electricity. You just need more of it.”
