Moore Unveils $200M Power Fund

Maryland residents may see a shift in their electricity supply as Gov. Wes Moore unveiled the Megawatts for Maryland initiative on October 26. The plan allocates $200 million to finance new renewable generation and battery storage projects across the state.

The program operates as a two-year vehicle through the Strategic Energy Investment Fund. It will release up to $100 million in competitive grants each year. These funds are designed to help developers build large-scale facilities that increase local electricity capacity.

State officials argue that growing demand on the regional grid is outpacing available supply. By adding local generation, the state aims to reduce pressure on existing rates. The initiative targets the delivery of several hundred megawatts of new capacity, a volume sufficient to power more than 150,000 homes annually.

The Maryland Energy Administration will manage the competitive bidding process. Developers must submit preliminary applications by November 30, 2026. Final bids are due by January 22, 2027. Award criteria prioritize proposals that request the lowest public subsidy relative to electricity production.

While the program intends to lower costs over time, immediate relief is not guaranteed. New facilities must secure financing, complete construction, and begin operation before they affect household bills. The initiative was established under the 2026 Utility RELIEF Act, which also provided $100 million in direct customer relief.

Moore has also pressed the regional grid operator PJM to address rising costs and demand from data centers. The governor’s office stated that the grants will strengthen Maryland’s energy supply and improve affordability.