The Biden administration will provide a record $15 billion loan to Pacific Gas & Electric to support the utility’s efforts to combat climate change and improve the power grid. The Department of Energy loan comes as a financial boon for the utility recovering from bankruptcy and facing pressure to limit rate It is expected to fund projects for hydroelectric infrastructure upgrades, renewable energy projects and transmission investments. The cash infusion will “pay for planned projects that are intended to enhance California’s energy infrastructure, help ensure reliability, and support distributed energy resources including battery storage and electric vehicles,” PG&E representatives said in a release, adding that it will improve affordability. The loan, the largest in the history of the Energy Department’s Loan Programs Office, will give PG&E cash installments over several years for approved projects. The utility applied for the loan last year and been in negotiations over the final amount since, according to a spokesperson.
Read more at: https://www.sacbee.com/news/california/article297242369.html#storylink=cpy
2 views