Biden unveils $7.3 billion investment in electricity in rural America

US President Joe Biden on Thursday unveiled a $7.3 billion investment in rural America in clean and affordable electricity, as the president tries to help his vice president and Democratic presidential candidate Kamala Harris win over voters in rural states of fight.

President Biden’s announcement in Wisconsin promises the multi-billion dollar investment that will be funded through the Inflation Reduction Act (IRA).

The investment announced today is the largest investment in rural electrification since the New Deal and is part of President Biden’s Investing in America agenda, the White House said.

The President is set to announce the first round of selected rural electric cooperatives and the first award for the US Department of Agriculture’s Empowering Rural America (New ERA) program, funded by the Inflation Reduction Act.

On Thursday, the USDA announced that 16 rural electric cooperatives are being selected to receive up to $7.3 billion in clean energy funding, which will provide clean, more affordable and more resilient electricity to approximately 5 million rural cooperative members, representing 20% ​​of rural households. , farms, businesses and schools. These 16 cooperatives will benefit rural residents in 23 states, including Alaska, Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Montana, Nebraska, New Jersey, New Mexico, Nevada, Dakota of North, Ohio, Pennsylvania, South Dakota, Texas, Wisconsin and Wyoming.

Under the New ERA program, electric cooperatives will build or buy more than 10 gigawatts (GW) of clean energy.

National Rural Electric Cooperative Association CEO Jim Matheson commented on the new program that “The New ERA Program showcases what is possible when the government prioritizes voluntary and flexible decision-making and allows electric cooperatives to take a customized approach to meet the needs local. “

The program “is a transformational opportunity for electric cooperatives,” Matheson added.

The funding announcement for rural cooperatives could boost Harris’ chances of wresting battleground states from Republican nominee Donald Trump, who has criticized Democrats for the higher energy costs Americans have faced over the past two years.

By Charles Kennedy for Oilprice.com

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