§ 41-10-48.02 — Legislative Intent

Alabama § 41-10-48.02

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 2E: Powering Growth Act

Text

(a) The Legislature finds and declares the following:
(1) That Alabama’s new strategic economic growth plan for the next decade identifies 10 target sectors, including metals and advanced materials, chemical manufacturing, and technology, that utilize a significant amount of energy and will require expansions and upgrades of existing utility infrastructure to meet the increased demand for energy.
(2) That Alabama’s peak energy demand is expected to grow by six gigawatts in the next decade, a 33 percent increase from today, according to the State Infrastructure Study.
(3) That significant lead times exist for critical energy infrastructure components, which will be necessary to meet the growing demand for energy and continued economic growth.
(4) That it is in the best interest of the state to accelerate energy infrastructure development necessary to sustain economic growth by:
a. Providing financing and support to the various electric providers in the state through loans and other financial assistance to accelerate the rate of energy infrastructure development; and
b. Procuring energy infrastructure components with long-lead times to make available to the various electric providers in the state for more rapid deployment.
(b) By the passage of this article, it is the intent of the Legislature to:
(1) Prescribe certain additional powers of the State Industrial Development Authority;
(2) Create the Alabama Energy Infrastructure Bank and the Alabama Energy Infrastructure Fund to provide strategic financing for energy infrastructure projects that support economic growth; and
(3) Establish the Strategic Energy Infrastructure Development Fund to address long-lead times for critical energy infrastructure components.

Legislative History

(Act 2025-394, §1.)