{"id":2381183,"date":"2024-12-17T20:17:02","date_gmt":"2024-12-18T01:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-to-give-unprecedented-15-billion-climate-change-handout-to-california-company-report\/"},"modified":"2024-12-17T20:21:09","modified_gmt":"2024-12-18T01:21:09","slug":"biden-admin-to-give-unprecedented-15-billion-climate-change-handout-to-california-company-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-to-give-unprecedented-15-billion-climate-change-handout-to-california-company-report\/","title":{"rendered":"Biden Admin to Give Unprecedented $15 Billion Climate Change Handout to California Company: Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-admin-to-give-unprecedented-15-billion-climate-change-handout-to-california-company-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2381183&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Biden administration has announced a significant $15 billion low-interest loan to the California\u200d utility company PG&#038;E, \u2063aimed at\u200b revitalizing its hydroelectric infrastructure and enhancing power lines to support renewable\u200b energy projects.This \u2063financial commitment is part of a\u200d broader initiative to distribute green funding rapidly before President-elect\u200c Donald Trump assumes office. the loan is expected to help PG&#038;E manage rising electricity demand while maintaining \u200baffordability for customers, especially considering California&#8217;s stringent \u200dclean energy regulations.<\/p>\n<p>The Energy Department&#8217;s\u2062 Loan Programs Office (LPO) has previously issued over $42.4 billion in loan commitments and\u2062 has a portfolio that includes a notable $9.6 billion loan to Ford\u2019s battery joint venture. PG&#038;E, which has faced difficulties attracting funding post-bankruptcy \u200ddue\u2062 to past liabilities linked to\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-censures-paul-gosar-strips-him-of-committee-seats-over-ocasio-cortez-video\/\" title=\"House Censures Paul Gosar, Strips Him Of Committee Seats Over Ocasio-Cortez Video\">deadly wildfires<\/a>, is under \u2063pressure to limit rate\u2063 increases.\u200c Nonetheless,the LPO&#8217;s\u200c contracts ensure these funds cannot\u2062 be reclaimed by future administrations.<\/p>\n<p>As California&#8217;s electricity demands\u200c are\u200c projected to grow\u2064 alongside mandates for electric vehicles and reductions \u200din fossil fuel \u200buse, PG&#038;E&#8217;s projects aim to enhance\u2063 system reliability.Critics \u2062warn that these loans\u200c may lead to situations similar to that of solyndra, a solar company that went bankrupt under the Obama \u2062administration, leaving taxpayers accountable for ample losses. \u2064Ultimately, the Biden\u2062 administration&#8217;s\u200c strategy appears \u200bfocused on advancing green energy initiatives quickly, which may complicate \u2063the financial \u200dlandscape for the incoming administration.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><\/p>\n<p>The Biden administration announced it is providing a record $15 billion low-interest loan to the California utility company PG&amp;E, which is part of a push to get as much green money out the door as possible before President-elect Donald Trump takes office next month.<\/p>\n<p>&ldquo;The loan by the Energy Department&rsquo;s Loan Programs Office is slated to fund projects that refurbish PG&amp;E&rsquo;s hydroelectric infrastructure and upgrade power lines to support renewable energy projects, data centers, and electric vehicles,&rdquo; <a href=\"https:\/\/www.wsj.com\/us-news\/climate-environment\/biden-pge-record-loan-climate-change-grid-update-55b2fe6e\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a> reported.<\/p>\n<p>The second largest commitment under the program was a $9.6 billion loan to Ford Motor&rsquo;s battery joint venture, which the office completed Monday as part of its clean energy lending program.<\/p>\n<p>All told, the LPO has made more than $42.4 billion in loan commitments and over $24.1 billion in closed loans and guarantees, according to the Journal.<\/p>\n<p>The misnamed <a href=\"https:\/\/www.westernjournal.com\/humiliation-kamala-harris-biden-admits-inflation-reduction-act-name-mistake\/\" target=\"_blank\" rel=\"noopener\">Inflation Reduction Act<\/a> &ldquo;turbocharged the office&rsquo;s lending capacity,&rdquo; the news outlet said.<\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} \t\t<\/script> <\/p>\n<p>When the LPO enters into a contract with companies such as PG&amp;E future administrations cannot claw back the cash.<\/p>\n<p>The Journal noted that PG&amp;E faced challenges raising money from Wall Street after it went through &ldquo;complex bankruptcy restructuring&rdquo; after it was held liable for its power lines sparking deadly <a href=\"https:\/\/www.nytimes.com\/2020\/07\/01\/business\/energy-environment\/pge-bankruptcy-ends.html\" target=\"_blank\" rel=\"noopener\">wildfires in 2019<\/a>.<\/p>\n<p>&ldquo;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&rsquo;s clean-energy targets,&rdquo; the news outlet said.<\/p>\n<p>Put another way, California&rsquo;s <a href=\"https:\/\/www.westernjournal.com\/ap-weeks-issuing-electric-car-mandate-cali-faces-potential-stage-3-energy-emergency-rolling-blackouts-heat-wave\/\" target=\"_blank\" rel=\"noopener\">green energy<\/a> requirements are making PG&amp;E&rsquo;s product expensive, and the American taxpayer will now be funding the Democrats&rsquo; utopian dream because the <a href=\"https:\/\/amzn.to\/3YuVZYV\">free market apparently won&#038;rsquo<\/a>;t.<\/p>\n<p>Chris Creed, chief investment officer of the LPO, confirmed as much.<\/p>\n<p>The loan to PG&amp;E &ldquo;will help meet forecasted electricity demand growth, ensure system reliability, and dramatically reduce costs for its customers,&rdquo; Creed said.<\/p>\n<p>Mari Becker, PG&amp;E&rsquo;s treasurer and vice president of internal audit, explained, &ldquo;It&rsquo;s a project that&rsquo;s very important in support of our objectives around customer affordability.&rdquo;<\/p>\n<p>The demand for electricity in the Golden State is only expected to increase in the years ahead, with California&rsquo;s mandates regarding electrical vehicle use and the phasing out of fossil fuel usage in homes and offices.<\/p>\n<p>In addition to PG&amp;E and Ford, another high-profile recipient of a green loan was the EV start-up <a href=\"https:\/\/www.westernjournal.com\/amazon-backed-ev-maker-sees-stock-price-plummet-amid-rough-quarterly-report-mass-layoffs\/\" target=\"_blank\" rel=\"noopener\">Rivian<\/a>, which received a <a href=\"https:\/\/www.wsj.com\/business\/autos\/rivian-receives-conditional-6-6-billion-u-s-loan-to-expand-ev-production-64691b5f\" target=\"_blank\" rel=\"noopener\">$6.6 billion<\/a> commitment to help expand a plant in Georgia.<\/p>\n<p><a href=\"https:\/\/www.semafor.com\/article\/12\/04\/2024\/biden-is-racing-to-dole-out-clean-energy-cash-before-trump-cuts-it-off\" target=\"_blank\" rel=\"noopener\">Semafor<\/a> reported in early December that Biden&rsquo;s LPO also committed to a $7.5 billion loan to automaker Stellantis (manufacturer of Jeep, Dodge, and Chrysler among other brands) for two EV battery factories in Indiana.<\/p>\n<p>The LPO was all but shut down during Trump&rsquo;s first term, only overseeing half a dozen proposals, but now its portfolio is over 200 strong.<\/p>\n<p>&ldquo;It will be very difficult for the Trump administration to undo those projects without extreme blowback from all over the country,&rdquo; Dan Reicher, a former senior Department of Energy official, told Semafor.<\/p>\n<p>It feels inevitable that some of these loans will lead to a Solyndra moment when the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/az-gop-senate-candidate-jim-lamon-bring-critical-mining-processing-manufacturing-back-to-u-s\/\" title=\"AZ GOP Senate Candidate Jim Lamon: Bring \u2018Critical Mining, Processing, Manufacturing\u2019 Back To U.S.\">solar energy company<\/a> went bankrupt during the Obama administration, leaving the American taxpayer on the hook for <a href=\"https:\/\/apnews.com\/united-states-government-30189ac3d2eb4daf926f2575cf6d0874\" target=\"_blank\" rel=\"noopener\">over $500 million<\/a>.<\/p>\n<p>Similar to <a href=\"https:\/\/www.westernjournal.com\/biden-roasted-literally-selling-border-wall-illegal-migrants-flood-country\/\" target=\"_blank\" rel=\"noopener\">selling off materials<\/a> owned by the federal government needed to finish building Trump&rsquo;s southern border wall for pennies on the dollar, moving tens of billions of dollars of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-white-house-set-to-pull-chinese-companies-from-red-flag-trade-list\/\" title=\"Biden White House Set to Pull Chinese Companies From Red-Flag Trade List\">green energy funding<\/a> out the door is another way the Biden administration is seeking to thwart its successor.<\/p>\n<p>Given this administration&rsquo;s treatment of the former president, the cynical conduct was predictable, but still a shame.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ]; 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( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script> \t     \t\t\t\t\t\t     \t\t\t\t\t<\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<p><script>console.log(\"ad slot (BA1)\")<\/script> \t\t<\/p>\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\"> \t\t\t\t \t\t\t\t \t\t\t\t<script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> \t\t\t<\/div>\n<div class=\"insticator-ads additional\"> \t\t\t\t \t\t\t\t \t\t\t\t<script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> \t\t\t<\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration has revealed a historic $15 billion low-interest loan to California&#8217;s PG&amp;E utility company, aiming to expedite green funding before Donald Trump assumes office next month. This loan from the Energy Department&#8217;s Loan Programs Office is intended for upgrading PG&amp;E\u2019s hydroelectric infrastructure and power lines to facilitate renewable energy projects, data centers, and electric vehicles. The program has also recently provided a $9.6 billion loan to Ford Motor\u2019s battery joint venture. Overall, the LPO has committed over $42.4 billion in loans and guarantees, significantly boosted by the Inflation Reduction Act. Future administrations cannot retract these funds once contracts are signed with companies like PG&amp;E, which has struggled financially after being held liable for wildfires in 2019. As California faces rising electricity rates due to its clean energy goals, taxpayers will now support these initiatives as market solutions seem insufficient. The demand for electricity is projected to grow further due to state mandates on electric vehicle usage and fossil fuel phase-outs in buildings. Other notable recipients of green loans include Rivian and Stellantis for their respective projects aimed at expanding EV production capabilities<\/p>\n","protected":false},"author":1,"featured_media":2381184,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/12\/PGE.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[32502,4045,13784,47013,47014],"class_list":["post-2381183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-biden-administration","tag-california","tag-climate-change","tag-financial-assistance","tag-green-technology"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/12\/PGE.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2381183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2381183"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2381183\/revisions"}],"predecessor-version":[{"id":2381187,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2381183\/revisions\/2381187"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2381184"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2381183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2381183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2381183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}