Grand Coulee Dam (Courtesy of Bureau of Reclamation)
The Hydroelectric Incentive program, now managed by H2O, funds projects that improve grid resiliency, dam safety, and ensure facilities meet current state and federal regulatory requirements. Combined with private investments from each facility, this funding will catalyze a $2.8 billion investment in America’s hydropower fleet.
Hydropower currently accounts for 5.86% of total U.S. utility-scale energy generation, while pumped storage hydropower accounts for 88% of all utility-scale energy storage. Hydropower also plays a key role in keeping the grid stable with its ability to quickly ramp up or down to meet energy needs.
This funding will be used to support efforts to renew aging infrastructure and maintain the reliable, affordable power Americans depend on every day. Although hydropower plants have low operating costs, many of these plants were constructed decades ago and need improvements to ensure they continue to generate power for generations to come.
H2O will begin processing the applications of the 293 projects across 212 hydropower facilities and expects to start distributing payments in the coming months.
