With energy prices soaring due to rising demand from electrification and data centers, and residents struggling to keep up with rising bills, it is more important than ever for the Commonwealth to develop new sources of energy, increase grid reliability, and adopt energy efficiency measures.
  
Fortunately, Pennsylvania already has a public financing authority — the Pennsylvania Energy Development Authority (PEDA) — that is well-suited to lend, revolve, and grant public capital for energy projects. States as diverse as South Carolina, Nevada, Indiana, and Maine have publicly-administered energy development entities that use limited public capital to attract and leverage much larger amounts of private investment, multiplying the impact of each taxpayer dollar.
  
However, because PEDA was created in 1982, its enabling legislation needs modernization: the statute, as currently written, does not provide PEDA with the ability at this critical time to maximize its potential as an energy accelerator and job creator. 
  
Fortunately, a few changes to the Administrative Code could ensure that PEDA has the resources and mission to utilize public and private funds so that Pennsylvania can turbocharge energy production, keep energy bills down, and create family-sustaining jobs in communities across the Commonwealth. 
  
This legislation would create the framework for Pennsylvania to do big things. We can:
 

• JUMP-START ENERGY PRODUCTION: We can safeguard and magnify Pennsylvania’s position as a national energy leader. 
• REDUCE UTILITY BILLS: By financing new energy generation and energy efficiency projects, we can arrest soaring utility bills that are straining household budgets and raising operating costs for small businesses.

• CREATE GOOD JOBS: Our labor unions and workforce programs can work together to train our citizens for the local, family-sustaining jobs of the future. 

• SECURE ENERGY INDEPENDENCE: By investing in local energy production, we protect taxpayers from rising energy prices and from fluctuations due to turmoil abroad.