PG&E to receive record $15 billion loan from Biden administration in its last days

The Biden administration is set to provide a record $15 billion loan to California-based utility Pacific Gas & Electric Company in an effort to boost the grid and secure more financial support for climate projects before President-elect Donald Trump takes office again. 

The Department of Energy’s Loan Programs Office announced the conditional commitment for a loan guarantee for PG&E on Tuesday, with the funds expected to go toward a variety of projects, including expanding hydropower generation, battery storage, upgrading transmission capacity, and more. 

These projects are anticipated to go on to support developments for electric vehicle infrastructure, data centers, and the clean-energy industry.