"Investments in a clean and resilient grid for northern and central California will have significant returns for our customers in safety, reliability and economic growth," PG&E CEO Patti Poppe said in a statement.
"The DOE loan program can help us accelerate the pace and impact of this work," Poppe added of plans for PG&E, which provides power and natural gas to about 16 million people as the biggest electric utility in the most populous U.S. state.
"If finalized by the LPO, the record loan will support multiple energy projects, including refurbishing PG&E's hydroelectric infrastructure, which produces enough energy for 4 million homes," highlighting the extensive benefits of the loan.
"Partially funding the projects with the low-cost federal loans could save PG&E bill payers as much as $1 billion in net present value over the life of the financing," showcasing the financial prudence of the initiative.
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