The Biden administration is offering Pacific Gas & Electric (PG&E) a $15 billion loan guarantee to upgrade its transmission lines, expand renewable energy generation, and meet growing energy demand. The loan aims to improve grid safety and reliability while potentially saving customers billions. PG&E has faced criticism for its role in wildfires and soaring electricity rates.
The Biden administration said Tuesday it was offering Pacific Gas & Electric a record $15-billion loan guarantee to help the utility upgrade its transmission lines, which have been blamed in causing wildfires, and make other improvements to meet fast-rising energy use. The commitment, which still must be finalized, would help PG&E expand hydropower generation and battery storage, the utility said in a release.
Gavin Newsom and confirmed by the state Senate, which is controlled by a supermajority of Democrats. Last year, the company recorded $2.2 billion in profits — an increase of almost 25% over the year before. Paulo said the company was now trying to keep average annual residential gas and electric bill increases within 2% to 4% through 2026. The announcement of the federal loan drew skeptics on Tuesday.
ENERGY UTILITIES LOANS WILDFIRE CALIFORNIA
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