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Alabama Gov. Kay Ivey signed the Powering Growth Act, a “comprehensive legislation designed to solidify Alabama’s energy dominance,” according to her office.
The Act establishes the “Alabama Energy Infrastructure Bank,” which is hoped to accelerate economic development throughout the state while also addressing potentially critical infrastructure supply chain issues and vulnerability, Ivey’s office wrote in a statement.
“In order to keep Alabama’s economy growing, we’ve got to make sure that we have the power to support it,” Ivey said in the statement. “That’s what Powering Growth is all about — making sure our energy infrastructure is robust enough to meet the demands of new industries, new jobs and a stronger future. This plan ensures we’re prepared to compete, not just with neighboring states, but on a national level. By investing now, we’re laying the groundwork for long-term growth – especially in areas that need it most.” (RELATED: Sinkholes Finally Get The Attention They Desperately Deserve)
“Building more energy capacity, overcoming supply chain hurdles and improving the speed of permitting is essential for building a stronger economy,” Alabama Speaker Nathaniel Ledbetter noted. “This legislation represents a strategic investment in our state’s future, ensuring we have the energy resources necessary to support job creation and economic growth for generations to come while at the same time ensuring sustainable growth that protects our citizens without raising taxes.”
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