LCRA Board approves business and capital plans for fiscal year 2023
Capital projects help address growing need for power and water in Texas
May 18, 2022
AUSTIN, Texas – The LCRA Board of Directors on Wednesday approved a business plan of about $438 million and authorized capital investments of about $669 million for energy, water and public service projects to support Texas in fiscal year 2023. 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 2023 plans continue our strong commitment to the people of Texas,” said Timothy Timmerman, chair of the LCRA Board of Directors. “The projects are investments in our state, for its people and economy – adding transmission lines, increasing our water supply, and continuing the safe and effective operation of our dams.” 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. “Power and water are critical for our growing state, and LCRA is delivering essential services for the people who depend on us,” said LCRA General Manager Phil Wilson. “We are investing in our power and water infrastructure so we can keep providing essential services for Texans for years to come.” LCRA TSC plans to invest about $2.2 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 to protect water supplies and continue flood management. Over the next five years, LCRA’s water business plans to invest about $65 million in development of new water supply projects and about $32 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 2023 fiscal year begins July 1. The FY 2023 LCRA business and capital plans are available at www.lcra.org/about/financial-highlights/business-plan/.
About LCRA
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.
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