Biden Administration Set to Extend Record $15-Billion Loan to PG&E

The U.S. Department of Energy has agreed to extend a record $15 billion low-interest loan to California’s utility giant PG&E to fund grid infrastructure improvements and resilience, The Wall Street Journal reported on Tuesday, quoting sources with knowledge of the plan. The DOE’s Loan Program Office is expected to extend the loan in several cash installments over several years and the funding cannot be withdrawn by subsequent U.S. Administrations, according to the Journal’s report. The loan is aimed at helping PG&E, the…