A Republican-authored proposal in the Texas Legislature seeks to open up state funds aimed at encouraging fossil fuel development to a form of renewable energy.
The bill, which passed unanimously out of committee in the Texas House late Wednesday and now heads to the floor for consideration, could provide a runway for state incubation of next-generation geothermal energy, which uses oil and gas drilling methods to extract heat from the earth to provide low-carbon, round-the-clock energy.
Along with another bill still in committee, the legislation could also serve as a lifeline for the flagging Texas Energy Fund (TEF), a $5 billion low-interest loan program originally aimed at encouraging more fossil fuel generation.
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