SB 2627 is a new bill introduced in place of SB 6, and is pending in House committee.

The bill relates to funding mechanisms to support the construction, maintenance, and modernization of dispatchable electric generating facilities. Under SB 2627 the state would spend up to $10 billion to support dispatchable generation.

It would offer companies 0% loans for a 20-year period to build new natural gas-fired power plants. The state would also pay a bonus to companies if their plants became operational by December 31, 2026. In addition, the state would also offer 0% loans to companies to keep their older power plants online for five years, instead of closing them.