Texas voters will be asked Nov. 7 to weigh in on two state constitutional amendments that would support the financing of water projects and construction or upgrade of gas-fueled power plants.
Proposition 6 would create a dedicated fund to help develop new water supplies and fix older water systems throughout the state. The Texas Water Fund will receive an initial $1 billion deposit from the state’s general revenue fund. The Texas Water Development Board would have authority to administer the fund.
Persistent drought and continued population growth across Texas have overburdened and even depleted existing water sources. The state loses 136 billion gallons of water a year to leaking water main pipes. Without upgrades to the state’s system, Texas could be 7 million acre-feet short of supply in the next 50 years, according to an estimate.
Proposition 7 addresses power-grid reliability issues highlighted during winter storms in 2021.The proposition would amend the Texas Constitution to create a taxpayer-financed Texas Energy Fund. The $7.2 billion fund would facilitate 3% loans from the state to build natural-gas power plants. If passed, the Public Utility Commission must begin accepting applications no later than June 1, 2024. The commission must approve, deny or disburse initial loan funds by Dec. 31, 2025.
