PG&E secures $15B DOE loan for hydropower, battery storage, and virtual power plants, saving $1B+ for customers and empowering underserved communities with jobs and training.
The U.S. Department of Energy (DOE) has conditionally approved a $15 billion loan guarantee for Pacific Gas & Electric (PG&E) to bolster green energy initiatives, including hydropower and battery storage systems. The projects aim to strengthen California’s electricity grid, expand PG&E’s capacity, and incorporate advanced technologies like virtual power plants to enhance energy resilience.
Empowering Underserved Communities
A significant portion of the projects will be implemented in areas classified as disadvantaged by the White House Council on Environmental Quality. PG&E is partnering with unions such as the International Brotherhood of Electrical Workers to provide employment and training opportunities for underserved communities, including Native American tribes and low-to-middle-income groups.
“This enables us to save money for customers; this is a straight pass-through to all of our customers in PG&E service areas. Over the life of the loans, we would save over $1 billion for customers,” said PG&E CEO Patti Poppe.
Affordable and Sustainable Energy
The loan guarantees offer lower interest rates, saving PG&E customers over $1 billion across the loan’s duration. The DOE’s Energy Infrastructure Reinvestment program backs these projects, repurposing outdated energy infrastructure to reduce pollution and drive sustainability.
By investing in hydropower and battery technologies, PG&E is advancing California’s renewable energy transition, ensuring grid stability, and supporting environmental and economic equity in underserved regions.
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