Alabama Plugs Into the Future with "Powering Growth"

Governor Kay Ivey just gave Alabama's energy future a major boost, signing the "Powering Growth" package into law! This comprehensive initiative aims to secure Alabama's energy dominance, rev up economic development, and tackle those pesky supply chain challenges that have been holding us back.

What's in the Package?

Think of it as an energy supercharge! The legislation, championed by state leaders and business bigwigs, creates the Alabama Energy Infrastructure Bank. It's all about boosting our energy capacity, streamlining the permitting process, and making Alabama industrial sites irresistible to companies looking to create jobs.

Powering a Stronger Alabama

"We've got to make sure we have the power to support it," Governor Ivey declared, emphasizing the importance of a robust energy infrastructure that can handle the demands of new industries and jobs. This initiative aligns perfectly with the Alabama Growth Alliance's strategy, focusing on getting sites ready and investing for the long haul to help both urban and rural areas land those high-impact industrial projects.

Cutting the Red Tape

Goodbye, bureaucratic bottlenecks! "Powering Growth" cuts through regulatory red tape, speeding up energy infrastructure projects and making Alabama more appealing to businesses that need things done quickly and efficiently. It tackles those long wait times for essential energy components and reduces government delays in site prep and approvals. Funding will be allocated to make more industrial sites "power ready," removing a major hurdle for companies considering a move to Alabama.

The Alabama Energy Infrastructure Bank

At the heart of the plan is the Alabama Energy Infrastructure Bank, offering flexible financing to fund power infrastructure tied to job creation. It's also designed to ensure a reliable grid and attract private and federal investment without raising taxes.

Why This Matters

Alabama Secretary of Commerce Ellen McNair points out that energy demand is skyrocketing and is a top consideration for companies choosing where to locate. By investing in our energy infrastructure and addressing those supply chain weak spots, we're setting the stage for long-term economic success and ensuring Alabama remains a top destination for businesses.

A Visionary Plan

State Senator Arthur Orr calls it a "visionary plan" designed to meet tomorrow's energy needs today. House Speaker Nathaniel Ledbetter sees it as a strategic investment that balances growth with sustainability, protecting our citizens without raising taxes. Senate President Pro Tem Garlan Gudger emphasized that a significant portion of this investment will benefit rural Alabama.

"Powering Growth" represents a bold move to position Alabama as a leader in industrial recruitment and infrastructure readiness.