Sen. Rubio pushes bill to create loan program for electric grid-affiliated manufacturers
Responding to ongoing issues in the international supply chain, U.S. Sen. Marco Rubio (R-FL) introduced a bill this week that would compel the U.S. Secretary of Energy to create a loan program for manufacturers of products and components necessary for the energy grid.
While it has yet to gain a shortened title, S. 4626 has big goals, notably in securing electric grid products – particularly transformers – for American electric utilities. Rubio argued that delays have resulted in dangerously low stockpiles for new construction and replacements of older equipment. While this theoretically could endanger preparedness and development nationwide, he noted that it is especially dangerous in states like Florida, where the threat of hurricanes is a devastating yearly affair.
“Right now, Florida is uniquely vulnerable to storms and other natural disasters due to shortages of key energy grid components, like transformers. It is yet another example of the danger in our overreliance on foreign supply chains,” Rubio said. “We need to prioritize production of these critical components at home, which will decrease our dependence on foreign nations and protect Floridians.”
Such matters have only worsened – and are expected to worsen further – as the effects of climate change worsen.
The loan program pitched by Rubio’s S. 4626 would seek to turn the supply chain issue around, at least, with funding from the revocation of unused appropriations. These funds would theoretically grant it $8 billion in financing for loan guarantees related to furnishing, expanding, or creating domestic energy grid product and component manufacturing facilities domestically.
