Pacific Gas & Electric Co. (PG&E) is in line to receive up to $15 billion in federal loans to modernize its power grid and expand clean energy infrastructure across central and northern California. The U.S. Department of Energy announced a conditional commitment for one of the largest loan guarantees ever under its Energy Infrastructure Reinvestment program. The funds would support projects to expand hydropower generation, battery storage, upgrade transmission capacity, and enable virtual power plants.
Pacific Gas & Electric Co. could receive up to $15 billion in federal loans to modernize its power grid and expand clean energy infrastructure.Pacific Gas & Electric Co. could receive up to $15 billion in federal loans to help the utility modernize its power grid and expand clean energy infrastructure across central and northern California, officials announced Tuesday.
The funds would support a portfolio of projects to expand hydropower generation and battery storage, upgrade transmission capacity, and enable virtual power plants throughout PG&E's service area, the energy department said. "Investments in a clean and resilient grid for northern and central California will have significant returns for our customers in safety, reliability and economic growth. The DOE loan program can help us accelerate the pace and impact of this work, which supports thousands of living wage jobs, at a lower cost to our customers," PG&E CEO Patti Poppe said in the statement.
ENERGY INFRASTRUCTURE FEDERAL LOANS CLEAN ENERGY GRID MODERNIZATION
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PG&E Could Receive $15 Billion in Federal Loans for Grid Modernization and Clean EnergyPacific Gas & Electric Co. (PG&E) is in line to receive up to $15 billion in federal loans to upgrade its power grid and expand clean energy infrastructure in central and northern California. The U.S. Department of Energy has issued a conditional commitment for this loan guarantee, one of the largest under its Energy Infrastructure Reinvestment program. The funds will support projects like expanding hydropower generation, battery storage, transmission capacity upgrades, and virtual power plants. PG&E says partially funding its projects with these lower-cost federal loans could save customers up to $1 billion.
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