White House to provide $15B low-interest loan to PG&E, WSJ reports

The Biden administration will provide a $15B low-interest loan commitment to PG&E to support hundreds of projects aimed at fighting the effects of climate change and improving the electrical grid, The Wall Street Journal’s Scott Patterson and Katherine Blunt report. The loan by the Energy Department’s Loan Programs Office is expected to fund projects that renovate PG&E’s hydroelectric infrastructure and upgrade power lines to support renewable energy projects, data centers and electric vehicles, the report says. According to people familiar with the matter, the LPO previously planned to provide a $30B loan to PG&E, but the amount was cut in half, in part because of PG&E’s concerns about the significant upfront payments such a large loan would have required.