Sander Kushen, sander.kushen@sierraclub.org
CALIFORNIA – The Department of Energy (DOE) announced today a conditional commitment for an Energy Infrastructure Reinvestment (EIR) loan guarantee of up to $15 billion to Pacific Gas & Electric Company (PG&E) to modernize California's power grid and expand clean energy infrastructure. The DOE’s EIR program was created under the Inflation Reduction Act to support utilities and companies in retooling, replacing or repowering outdated fossil infrastructure.
The loan, if finalized, would be the largest in the DOE’s history. It will be used to help finance the modernization and installation of battery storage at the Pittsburg Power Plant, refurbishing hydropower projects, updating transmission line infrastructure and creating virtual power plant programs to incentivize energy conservation when demand is high.
In response, Julia Dowell, Senior Electric Sector Organizer with the Sierra Club, released the following statement:
“We’re excited to see PG&E harness this unique opportunity to make already low cost clean energy even more affordable for ratepayers. This innovative loan program will help ensure that Californians will see more stable rates, enjoy more good clean energy jobs and live with fewer harmful emissions. This unprecedented windfall also offers a unique opportunity for PG&E to update its outdated transmission infrastructure with more efficient, climate-friendly and fire-safe technology.
“A clean energy transition is the best solution for saving customers’ money and protecting the planet. Today’s announcement brings us significantly closer to realizing that goal.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.