DOE Invests $15B in PG&E's Hydropower and Battery Storage Expansion
The DOE will approve $15 billion in loan guarantees to finance PG&E green energy projects.
The US Department of Energy has reportedly provided a loan guarantee worth $15 billion for California-based utility firm, Pacific Gas & Electric. The funds are intended to be used to finance huge green energy initiatives, which are to transform the state's electricity grid and help develop more renewable energy sources. The funding provided will go into projects such as hydropower, battery storage systems, and other advanced technologies including virtual power plants.
This will be the contribution of PG&E to greener sources of energy for modernizing and strengthening the electricity grid in California; thus, this ensures that electricity supply occurs as planned even with a rise in the demand for energy in California. Venture efforts within firms also find an alignment towards reducing the negative impacts of energy on the environment. Thanks to renewables and energy storage, it will be an
