HARRISBURG –State Sen. Gene Yaw (R-23), chairman of the Senate Environmental Resources and Energy Committee, announced he will soon introduce legislation to establish a Pennsylvania Baseload Energy Development Fund. The Fund would provide low-interest grants and loans to finance the construction, maintenance, modernization and operation of electric generation facilities.
“Pennsylvania alone supplies nearly 25% of baseload electric generation capacity to the grid,” Yaw said. “We must play a more active role in incentivizing generation and addressing looming reliability challenges with market-based solutions. The Pennsylvania Baseload Energy Development Fund can help us supply the grid with reliable, cost-effective energy, as well as the infrastructure and workforce to maintain it.”
Yaw plans to introduce the measure as part of his ongoing work related to responsible energy development and protecting the reliability of the PJM electric grid. PJM projects that 20% of its existing capacity will retire by 2030 and at the current course, they will not have sufficient power to meet the demands of consumers.
The Energy Fund will be modeled after the Texas Energy Development Fund, which has been extremely successful in attracting baseload electric generation capacity. Initially funded at $5 billion, the Texas fund was increased to $10 billion due to overwhelming response.
For more state-related news and information, constituents can visit Senator Yaw’s website at www.SenatorGeneYaw.com or follow him on Facebook and X @SenatorGeneYaw.
CONTACT
Elizabeth Weitzel
717-787-3280