PG&E Secures Record $15 Billion Federal Loan for Grid Modernization

The Biden administration's largest-ever energy loan aims to enhance California's grid reliability, expand clean energy, and reduce costs for ratepayers.

The U.S. Department of Energy has conditionally approved a $15 billion low-interest loan for PG&E, the largest in the department's history.
Funds will support upgrades to hydropower facilities, battery storage, transmission lines, and virtual power plants across Northern and Central California.
PG&E estimates the loan could save customers up to $1 billion in financing costs over time by reducing reliance on higher-interest funding sources.
Critics, including consumer and environmental groups, have raised concerns about PG&E's track record and potential impacts on ratepayers, who have already faced significant rate increases.
The loan is part of the Biden administration's push to advance clean energy projects before the transfer of power to President-elect Donald Trump in January 2025.

San Francisco Chronicle