Opinion: In Texas, fossil fuel companies receive subsidies for renewable energy projects
It is notoriously difficult to track the owners of renewable energy projects in the U.S., because most are structured as, or LLCs. However, the application for Texas incentives requires not only information on the owner, but also a signature of an individual representative of the owners. That provides a glimpse into the impact that subsidies can have and who benefits.
Over half the proposals — 101 — were submitted by energy companies known more for oil and gas, or utilities with fossil fuel assets. This includes the renewable energy subsidiaries of oil supermajors such as Total and BP, and utility owners including EDF, AES and Engie, all of which are major global players.
To figure that out, we also looked at all renewable energy projects completed in 2020 and 2021 that participated in the Chapter 313 incentive program. This changed the composition of owners. While renewable energy companies owned roughly half the projects at the application stage, by 2022, two-thirds of the projects were owned by utilities and energy companies with fossil fuel assets.
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