The Biden-Harris administration’s Department of Energy (DOE) announced on Tuesday that it has offered up to $15 billion in conditional financing to California utility Pacific Gas & Electric Company (PG&E), according to a press release.
The loans proposed by the DOE Loan Programs Office (LPO) are for a variety of projects aimed at “expanding hydropower and battery storage, increasing transmission capacity through reconduction and grid strengthening technologies, and enabling virtual power plants.” The purpose is to provide funding. According to Go to press release. This financing commitment is the largest in LPO history.
PG&E previously filed for bankruptcy in early 2019 after several large wildfires were caused by its equipment. In April 2022, the company announced it would pay $55 million to avoid criminal charges related to two wildfires: the 2019 Kincade Fire and the 2021 Dixie Fire. PG&E emerged from Chapter 11 bankruptcy in July 2020 after a months-long restructuring process. According to to Reuters.
(Brian van der Brug/Los Angeles Times via Getty Images)
LPO’s purpose is to be “a leading public financing partner that accelerates high-impact energy and manufacturing investments to advance America’s economic future.” According to Go to the office homepage. LPO had issued $43.9 billion worth of loans and loan guarantees as of September 30. According to Go to that website. (Related: Biden throws another last-minute roadblock to Trump’s energy domination agenda)
“Investing in a clean, resilient power grid in Northern and Central California will provide significant benefits for our customers in terms of safety, reliability and economic growth,” said Patti Poppe, CEO of PG&E Corporation. I am. said in a press release on Tuesday. “DOE’s financing program will help accelerate the pace and impact of this effort, which will support thousands of living wage jobs at a low cost to our customers.”
The Biden-Harris administration has led efforts to spend money on a variety of green energy projects across the country as part of President Joe Biden’s signature climate change package.
“The work our members do every day is essential to helping PG&E modernize the grid. We are encouraged by PG&E’s commitment to rebuilding, rebuilding and reinvesting in our energy infrastructure, delivering these benefits to PG&E customers at lower costs,” the managers said in a press release.
LPO Director Jigar Shah announced In July, his office announced it had reached a conditional financing commitment. EntechThe company, which makes electric vehicle parts, also has ties to his old trade association. Some House Republicans previously threatened to issue subpoenas as part of an investigation into Mr. Shah’s office in January.
When contacted for comment, the DOE referred the Daily Caller News Foundation to Tuesday’s press release.
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