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AUSTIN, Texas – The LCRA Board of Directors on Wednesday approved a business plan of more than $395 million and authorized capital investments of more than $517 million for energy, water and public service projects to support Texas in fiscal year 2022.
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.
“The projects in our fiscal year 2022 plans are investments in our state, its people and its businesses,” said Timothy Timmerman, chair of the LCRA Board of Directors. “Projects that add transmission lines, increase our water supply, and continue the safe and effective operation of our dams are investments in our future. We’re honored to add infrastructure that benefits our fellow Texans and helps our great state continue to thrive in the years ahead.”
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.
“As we emerge from a time of extraordinary challenges at home and across the world, LCRA is proud to have continued delivering critical services in an exemplary manner for Texans,” said LCRA General Manager Phil Wilson. “We strive every day to achieve our vision of being the public utility that sets the standard for excellence.”
LCRA Transmission Services Corporation plans to invest more than $2 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 for water supplies and flood management. Over the next five years, LCRA plans to invest more than $59 million in development of new water supply projects and more than $47 million in dam rehabilitation projects to help ensure the dams continue to operate safely and effectively, meeting all state regulations for dam safety.
LCRA does not receive state appropriations or have the ability to levy taxes. LCRA is funded by the revenues its businesses generate.
The LCRA 2022 fiscal year begins July 1. The FY 2022 LCRA business and capital plans are available at https://www.lcra.org/about/financial-highlights/business-plan/.
The Lower Colorado River Authority serves customers and communities throughout Texas by managing the lower Colorado River; generating and transmitting electric power; providing a clean, reliable water supply; and offering outdoor adventures at more than 40 parks along the Colorado River from the Texas Hill Country to the Gulf Coast. LCRA and its employees are committed to fulfilling our mission to enhance the quality of life of the Texans we serve through water stewardship, energy and community service. LCRA was created by the Texas Legislature in 1934 and receives no state appropriations. For more information, visit lcra.org.