California’s largest investor-owned utility company was granted a $15 billion conditional loan guarantee from the U.S. Department of Energy, the federal agency announced Dec. 17.
Pacific Gas and Electric (PG&E) will use the money to upgrade grid technologies and expand battery storage capacity and hydroelectric power generation, among other things meant to help meet demand, improve reliability, and lower rates, according to the Energy Department.
The head of the utility company said the money will allow it to improve its operations and benefit Californians.
“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,” Patti Poppe, PG&E CEO, said in a statement. “The [Department of Energy’s] 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.”…