The Biden administration on Tuesday announced its conditional approval of a loan guarantee for Pacific Gas & Electric Company (PG&E) of up to $15 billion, which would serve to decarbonize the massive utility's operations and increase its reliability.

The funds, which would come from the Department of Energy's Loan Programs Office, would serve PG&E's Project Polaris — a portfolio of initiatives to expand hydropower generation and battery storage, upgrade grid transmission capacity and enable the establishment of virtual power plants.

Such investments, according to the Energy Department, would help the company meet its forecasted load growth, ensure reliable and affordable electricity and decrease costs for Californian consumers.

The offer........

© The Hill