The Public Utility Commission of Texas, the state agency that regulates Texas utilities, announced it will administer the Texas Energy Fund, following voter approval of Proposition 7 this November. This move comes as a part of a statewide initiative to modernize and upgrade the electric generating facilities within the state.

According to its website, the Public Utility Commission of Texas (PUCT) is the state agency responsible for economic regulation of Texas' electric, telecommunication, and water and wastewater utilities. The PUCT oversees the state's competitive utility markets, implementing legislation and enforcing market rules that guarantee reliability and high-quality infrastructure.

Ballotpedia reported in November 2023 that voters across Texas approved Proposition 7, which created the Texas Energy Fund and authorized the state legislature to allocate funds for the modernization of electric generating facilities. It was also reported that 64.92% of Texas' voters supported the measure.

Following the election, PUCT Executive Director Thomas Gleeson said, "PUCT staff has been working hard since early summer to prepare for the implementation of the Texas Energy Fund. With voter approval of the fund, we will push forward developing the program and design transparent processes to ensure administration of the Texas Energy Fund is timely, fiscally responsible, and effective," in a news release on PUCT's website.

The Texas Energy Fund will make available funding opportunities for dispatchable electric generation projects and facility enhancements both in and outside of the Electric Reliability Council of Texas (ERCOT) Power Region, based on application and award processes under development by the PUCT, according to the release.

The PUCT will begin accepting loan applications for projects within the ERCOT region by June 1, 2024, according to the release.