Lieutenant Governor Dan Patrick: Statement on the upcoming Texas Power Grid Investment Summit

January 29, 2024

AUSTIN – Lt. Governor Dan Patrick issued the following statement regarding the Texas Power Grid Investment Summit to be held in Houston on February 6th.

“The Texas economy is red hot. With conservative policies such as no income tax and minimal regulation, we continue to attract businesses and grow jobs, making us a world market leader.” 2000 Since then, the population has grown by nearly 12 million people.If the Texas miracle is to continue into the 21st century and beyond, improving the Texas power grid is essential.

“To meet the ever-increasing demand, we need reliable, dispatchable generators. We have been fighting for greater supplies of gas-fired power generation.

“Texas leads the nation in wind energy and is expanding its solar energy footprint. Renewable energy is an important part of our energy portfolio. But over the past 15 to 20 years, renewable Energy receives the lion’s share of federal energy incentives, creating an uneven playing field for investment in available power.

“As a result, during critical periods when the wind is not blowing and the sun is not out, there is not enough readily available generation to feed power into the grid. A power plant capable of delivering 10,000 MW of electricity and a natural gas power plant are needed, a need highlighted in 2021 when Winter Storm Uri devastated the state.

“Another major concern is that Wall Street is turning its back on our vital oil and gas industry and the millions of Texans who depend on it.” During the 87th Regular Meeting in 2021 , I’m prioritizing Senate Bill 13 by Sen. Bardwell (R-Granbury), which would protect and support our nation’s oil and gas industry by creating a blacklist of companies deemed unfriendly to fossil fuels. We aimed to encourage Wall Street to increase investment in fossil fuels in Texas and remove ESG and DEI requirements from any negotiations.

“Last year, BlackRock Chairman and CEO Larry Fink contacted me to meet with me after the company was blacklisted. He traveled to Texas twice. Both meetings were productive and positive, and the second meeting served as a catalyst for the next one.

“We are pleased that BlackRock will be inviting potential investors from Texas and the United States to Houston on February 6th. Their goal is to make direct investments or Strengthen our nation’s power grid by incentivizing the construction of natural gas plants by leveraging the incentive plan passed by Sen. (R-Georgetown) in SB 2627.

“My stance on environmental, social, and governance (ESG) and diversity, equity, and inclusion (DEI) policies remains and remains the same. You shouldn’t.
“We would like to thank BlackRock and especially Larry Fink for bringing a variety of investors to this conference. We look forward to this summit and finding partners who share our vision. In my opinion, it’s the best place on earth to invest.

BlackRock Chairman and CEO Larry Fink issued the following statement:

“This summit is a once-in-a-lifetime opportunity to highlight a complex but important issue for a wide range of Texas energy market leaders. We’re excited to discuss the possibilities. Bringing together capital, opportunity, and decision makers could lead to a new development boom in Texas’ power sector. However, better transmission at an affordable price The challenge of achieving web resiliency is not unique to Texas, it’s a challenge across the country. The state of Texas and Lt. Governor Patrick are demonstrating leadership to address this issue.”