The Biden administration will provide a record $15 billion loan to Pacific Gas & Electric to support the utility's efforts to combat climate change and improve the power grid.
The loan, the largest in the history of the Energy Department's Loan Programs Office, will give PG&E cash installments over several years for projects that must be approved by loan-office officials.
Energy demand in the state is projected to increase by up to 76% by 2045, driven by electrification of transportation and buildings.
PG&E representatives stated that the cash infusion will pay for planned projects intended to enhance California's energy infrastructure, ensure reliability, and support distributed energy resources.
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