Texas Lieutenant Governor Dan Patrick and BlackRock CEO Larry Fink joined forces at a power-grid investment summit in Houston to court investors for building more natural gas-fueled power plants in the state. The summit aimed to inspire around 100 investors representing approximately $2 trillion of capital to invest in Texas' dispatchable power fleet. Patrick emphasized that if investors don't build with incentives, the state may have to build it and contract someone out to run it. BlackRock CEO Larry Fink estimated that it would cost $10 billion to transform Texas into the most resilient power source and growth state in the United States. The partnership between the state and the world's largest asset manager aims to address the strain on the grid caused by Texas' booming demographic and economic footprint, which topped 30 million in 2022.
Texas Lt. Gov. Dan Patrick and BlackRock, the world’s largest investment firm, are making a pitch for new power plants. https://t.co/aiifF4i8CY
“It’s only $10 billion to transform the state of Texas to be the most resilient power source, to become the most resilient growth state in the United States,” BlackRock CEO Larry Fink said. https://t.co/jC68hcnkU1
Hitchhiker's guide to why @DanPatrick is partnering with @BlackRock & why he floated state procurement as a last resort for the ERCOT grid: First, the foremost reason for the strain on the grid is the state's booming demographic/economic footprint—topping 30 mill in 2022. https://t.co/6EApm8jcFB https://t.co/O1JllIZvsL
Some big names in the world of finance, Texas energy and politics met to talk about the state's power grid. The summit was hosted by Lt. Gov. Dan Patrick and BlackRock, the world’s largest investment firm. Their pitch: new power plants. https://t.co/ftH8b0X15X
Texas politicians and energy executives courted a ballroom of around 100 investors representing approximately $2 trillion of capital on Tuesday in Houston, seeking to inspire some of them to build more natural gas fueled power plants in the state. https://t.co/qH9bV8JhyK
"If we can’t get investors to build with incentives, then the state will have to build it and contract someone out to run it," said @DanPatrick in his panel with @BlackRock CEO Larry Fink on raising investment for Texas' dispatchable power fleet. https://t.co/ksgsmkxdo4
Texas Lieutenant Governor Dan Patrick shared the stage with BlackRock CEO Larry Fink at a power-grid investment summit in Houston, marking an unexpected alliance between the state and the world’s largest asset manager https://t.co/plXzCoJWVQ