U.S. Department of Energy reports or PG&E financial disclosures

Biden Administration Offers PG&E $15 Billion Low-Interest Loan for Grid Resilience and Emissions Reduction

Dec 17, 2024, 01:11 PM

The Biden administration has committed to providing Pacific Gas & Electric (PG&E) with a record $15 billion low-interest loan. This financial support, facilitated through the U.S. Department of Energy, aims to fund a series of projects intended to upgrade California's power grid, enhance its resilience against extreme weather, and reduce emissions. The loan, which will be disbursed in multiple installments over several years, is designed to help PG&E meet increasing power demands and transition towards renewable energy sources, including upgraded hydropower generation, battery storage, and transmission lines. PG&E serves 16 million customers across a 70,000-square-mile area in Northern and Central California. Notably, future administrations will not be able to retract this funding once it is allocated.