Latest News

US accepts $15 bln loan to PG&E, WSJ reports

The United States will provide a record $ 15 billion lowinterest loan to Californiabased utility PG&E. to support climate strength projects and upgrade the. electrical grid, the Wall Street Journal reported on Tuesday,. pointing out people familiar with the matter.

PG&E Corp is the moms and dad business of Pacific Gas and Electric. Business, one of the biggest U.S. energy service providers serving about. 16 million people across northern and central California.

The loan by the U.S. Department of Energy's Loan. Programs Office will be utilized to fund tasks that refurbish. PG&E's hydroelectric facilities and power lines and will be. provided in cash installations over several years, the report. added.

Earlier this month, PG&E said it planned to raise $2.4. billion from financiers by means of a stock offering.

U.S. energies have actually been making stock offerings and. submitting rate case demands to fund their facilities upgrades. as the nation's power grids face severe weather conditions. such as cyclones and wildfires, and surging demand from. industrial customers like data centers.

The Department of Energy as well as the business did not. right away react to Reuters ask for remark.

(source: Reuters)