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AUSTIN – The LCRA Board of Directors on Wednesday approved a business plan of about $565 million and authorized capital investments of about $1.17 billion for energy, water and public service projects to support Texas in fiscal year 2024.
The Lower Colorado River Authority is the primary wholesale provider of electricity in Central Texas and manages the lower Colorado River and six Highland Lakes. LCRA Transmission Services Corporation is one of the largest electric transmission service providers in Texas.
“Our fiscal year 2024 plans carry on our tradition of investing in infrastructure that will help the people of Texas continue to be successful in their businesses and their communities,” said Timothy Timmerman, chair of the LCRA Board of Directors. “Planning is key for enhancing economic growth, and LCRA is committed to supporting our state’s growth with the water, electric power and electric transmission needed to thrive.”
As one of the largest public power providers in the state, LCRA is helping to meet the increasing need for power in Texas. LCRA provides power for cooperatives and small towns in Central Texas by selling wholesale electricity through long-term contracts with retail utilities.
In January, LCRA announced it is building a new natural gas-fired peaker power plant in Central Texas to provide an additional 190 megawatts of dispatchable power to the Texas power grid. A peaker plant typically is used for brief periods when the demand for power approaches or surpasses the amount of power available. LCRA’s capital budget includes the new plant, which is expected to be operational in 2025.
LCRA TSC plans to invest about $3 billion in the next five years to build new transmission facilities and improve existing ones. LCRA TSC will undertake numerous projects to increase reliability, meet existing and projected needs for electricity, and connect new electric generators to the grid.
LCRA also continues to make investments to increase regional water supplies and will continue to maintain and invest in its system of dams, which are critical to protect water supplies and continue flood management. Over the next five years, LCRA plans to invest about $159 million in development of new water supply projects and more than $38 million in rehabilitation projects to help ensure the dams continue to operate safely and effectively, meeting all state regulations for dam safety.
“LCRA’s investments in power generation and transmission help support the Texas electric grid, including our new peaker plant that will help meet the growing demand for electricity,” said LCRA General Manager Phil Wilson. “Our investments in electric power and the development of new water supply projects are investments in Texas’ future, helping to provide the services essential to the continued health and success of communities LCRA serves.”
LCRA does not receive state appropriations or have the ability to levy taxes. LCRA is funded by the revenues its businesses generate.
The LCRA 2024 fiscal year begins July 1. The FY 2024 LCRA business and capital plans are available at lcra.org/about/ financial-highlights/ businessplan/.
