Governor would tap Strategic Energy Investment Fund for budget relief, ratepayer credits and clean-energy incentives
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Summary
The governor's plan would transfer over $1.25 billion from the Strategic Energy Investment Fund to the general fund, allocate $100 million to ratepayer relief and $100 million to clean-energy incentives, and propose $42 million in higher-education research grants.
Committee members reviewed the governor's planned use of Strategic Energy Investment Fund (SEIF) balances as part of the fiscal package.
David Romans said the governor proposes using SEIF surplus to provide $333,000,000 in budget relief, $100,000,000 for ratepayer relief (a second round of credits following last session's program), and $100,000,000 for incentives including tax credits for solar and clean-energy projects. He said the fund also supports $42,000,000 in grants for higher-education research centers, with $25,000,000 proposed for the university system, $8.5 million for Morgan State University and $8.5 million for Johns Hopkins University.
Committee members raised concerns about using funds generated from utilities for general budget purposes and whether ratepayers ultimately bear those costs. Romans said SEIF revenues come from RGGI auctions and alternative-compliance payments but acknowledged questions remain about program design and long-term priorities for the fund.