Texas lawmakers and residents are calling for greater transparency surrounding a taxpayer-funded program that provides loans and grants for electric infrastructure projects.
According to the Houston Chronicle, the state's Public Utility Commission has spent thousands of taxpayer dollars to keep details about a questionable application under wraps.
What's happening?
The Public Utility Commission of Texas (PUC) is responsible for administering the energy fund, which voters approved in November 2023 to "finance the construction, maintenance, modernization, and operation of electric facilities in Texas," according to a media release.
Two years later, lawmakers and residents are pushing for information about Texas Energy Fund loan applicant Aegle Power, which sought funding from the $7.2 billion allocated for gas plants.
They learned that Aegle Power had listed a major company as its sponsor without permission, according to the Chronicle. It also came to light that the energy company's CEO, Kathleen Smith, had pleaded guilty to participating in an embezzlement scheme when she headed another company.
As of July, the PUC had spent more than $31,000 in taxpayer money to keep details about the application private after Attorney General Ken Paxton ruled that it must release that information.
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The agency has also spent thousands more on attorneys (using taxpayer dollars) in its fight to withhold details about a controversial Dallas-area gas power plant and bitcoin mine, along with other cryptocurrency mining operations registered in Texas.
Why is this important?
When gas power plants and cryptocurrency mines set up shop, they can have an unwanted impact on community wellness and quality of life. For example, in Granbury — a small town southwest of Fort Worth — residents have reported permanent hearing loss as a result of 24/7 crypto operations. Gas power plants also emit hazardous air pollutants such as formaldehyde.
Cryptomining facilities are increasingly adopting more sustainable energy sources, indicating a positive trend in an industry that could drive green innovation and offer a more secure form of banking. Nonetheless, the PUC's lack of transparency has damaged taxpayer trust.
Ultimately, this may set back progress to addressing energy infrastructure issues exacerbated by the massive energy demands of the data centers supporting cryptocurrency mining — energy demands that have contributed to rising electricity prices in Texas and elsewhere.
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Absolutely 💯 "You have your hand in my wallet, and I'm also paying to cover up all of this information?" said Hood County resident Cheryl Shadden, according to the Chronicle.
What's being done about this?
PUC spokesperson Ellie Breed told the Chronicle that there was nothing "very extraordinary" about the commission's appeal to keep information private. However, energy consultant Alison Silverstein, who served as a PUC adviser in the 1990s, said she found it odd the PUC was fighting Paxton's ruling, as his office rarely rules against state agencies.
"So much of the business that the PUC conducts is about money, and, in the case of the Texas Energy Fund, significant chunks of taxpayer money," Silverstein said. "I'm just sort of stunned."
Meanwhile, the Texas Energy Fund's loan program for gas power plants is sputtering. The Texas Tribune reports tariffs, turbine shortages, and the high cost of such projects as reasons why solar and battery storage continue to be a popular choice for developers. Texas has also dominated the wind energy market in the U.S. for nearly 20 years.
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