According to reports, the Biden administration has agreed to provide PG&E (PCG.US) with a record low-interest loan of 15 billion dollars, which will be paid in cash installments over the years.
According to sources cited by foreign media on Tuesday, the Biden administration has agreed to provide PG&E (PCG.US) with a record low-interest loan of 15 billion dollars. This loan is issued by the Department of Energy's Loan Programs Office and will fund the California utility's efforts to upgrade its power grid and support climate adaptation projects. The funds will be provided in cash installments over the years.
PG&E Corp is the parent company of Pacific Gas and Electric Company and is one of the largest utility providers in the USA, serving approximately 16 million people in Northern and Central California.
Earlier this month, PG&E announced it would issue stocks to raise approximately 2.4 billion dollars, potentially to support the company's five-year capital investment plan. Due to extreme weather conditions, such as hurricanes and wildfires, as well as surging demand from industrial customers like Datacenters, USA utility companies have been issuing stocks and submitting rate applications to fund infrastructure upgrades.