The Biden administration announced it will be giving California utility company PG&E a whopping $15 billion low-interest loan as they work overtime to waste as much money as possible before President-elect Donald Trump is Inaugurated in January.
The Wall Street Journal reported “the loan by the Energy Department’s Loan Programs Office is slated to fund projects that refurbish PG&E’s hydroelectric infrastructure and upgrade power lines to support renewable energy projects, data centers, and electric vehicles,”
G&E faced challenges in raising money following a complex bankruptcy restructuring after it was held liable for its power lines being destroyed during the deadly wildfires in 2019.
“The company is under state regulatory pressure to limit rate increases for customers. Electricity rates throughout California, long among the highest in the nation, have surged in recent years as utilities work to address wildfire risk and meet the state’s clean-energy targets,” the news outlet said.
PG&E’s products are expensive due to California’s green energy requirements, which the American taxpayer will now be funding.