Biden regime agrees loan a staggering $15 BILLION to PG&E

If you thought the biden regime had reached max-corruption by agreeing to loan $7.5 billion for a lithium-ion battery project, and another $6.6 billion to EV startup Rivian (20% owned by Dem donor Bezos) to help fund a plant in Georgia, think again.

The regime just agreed to loan a stunning $15 BILLION to one of the five biggest utilities in the nation--California's huge PG&E.

Back in 2011 the corrupt Obozo regime guaranteed a  $535 million loan to a failing California maker of solar panels ("Solyndra").  Three weeks later the company declared bankruptcy, and most of the execs got million-dollar bonuses.

See, dey din' hab no idear dere company wuz in trouble, citizen!

But Obozo's $535 million was nothing compared to Joe, whose regime has just agreed to loan a record $15 Billion to PG&E--which has the highest electricity rates in the nation.  And biden officials brag that Trump's people won't be able to claw back the money!

Dec. 17, 2024

After biden and the Democrats rammed thru  the $2 TRILLION pork-fest laughably called the "Inflation Reduction Act," Americans discovered that it included a staggering $400 BILLION in "loan authority" to the corrupt energy department (headed by physics PhD Jen Granholm) (oh wait...just kidding).

And yesterday biden's DOE announced they've agreed to have taxpayers loan a staggering $15 billion--at below market rates, no less--to the nation's biggest utility: giant Pacific Gas and Electric (PG&E).

The below-market-rate loan will save PG&E over a billion in interest costs.  Nice, eh?  Wonder how big the kickback was?

So what's this stunningly huge loan gonna pay for, eh?  Here ya go, citizen: "It'll fund hundreds of projects aimed at fighting the effects of climate change and improving the electrical grid."  It'll "upgrade power lines to 1) support renewable energy projects; 2) AI data centers; and 3) electric vehicles."  

If that sounds like a pack of canned buzzwords designed to give all the green snowflakes orgasms, congratulations.
 
And actually the corruptocrats at the DOE "office of loan programs" had planned to loan the company TWICE that--an even more staggering $30 billion.  But "people familiar with the matter" said the loan amount was cut in half, "in part because of PG&E concerns about the huge upfront payments such a large loan would have required."
 
The loan commitment, 50% larger than the largest previous loan in the office’s nearly 20-year history, will give PG&E cash in installments over several years "as it develops projects that will have to be approved by loan-office officials."

Go back and read that last sentence again: the company doesn't even have specific projects ready, but will float whatever they want for the next seven years, and their buddies at DOE will get to say yes.

The loan office plans to close the PG&E loan before Trump takes office, and the corruptocrat in charge has bragged that they've written the contract so well that Trump's head of the DOE won't be able to claw the money back from the company.

The $400 billion federal clean-energy lending program has been "increasing its efforts to push cash out the door in the weeks following the election."  Wow, what a shocker, eh?  Can't get a kickback if you're no longer in office!

biden regime officials fear Trump officials might not approve such vast, clearly political loans from taxpayers in the future.
 
Critics of the loan program point to the failure of Solyndra, a solar-panel company founded by Democrat donors that declared bankruptcy in 2011, just three weeks after the Obozo regime guaranteed a $535 million loan to the company.  Of course the Wall Street Journal never mentions Obama or the fact that the corrupt company declared bankruptcy just three weeks after collecting the loan money.

This is because the reporters at the WSJ are liberal Democrats just like reporters at every other Mainstream Media rag, and would NEVAH say anything that would reflect badly on Dems, let alone on sainted Obozo.

The WSJ merely says something caused the loan to "go sour."  That's a big wet kiss, eh?

And finally, buried deep in the article, we see this:

The loan will be a significant source of funding for PG&E, which faces challenges raising money from Wall Street after a complex bankruptcy restructuring.  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 loan to PG&E “will help meet forecast electricity demand growth, ensure system reliability and dramatically reduce costs for its customers.”  That quote is NOT from a company spokeswhore but instead is from the "chief investment officer of the Loan Programs Office," Chris Creed.  

Almost sounds like he's working for the company, eh?  Gotta make this corrupt deal--loaning the company $15 billion at below-market rates--for unspecified but totally buzzwordy projects.  It stinks.

The company is preparing for a surge in demand, driven by California’s Democrat-ordered shift to electric vehicles, as well as efforts to phase out "fossil-fuel" use in homes and buildings.  A huge increase in the number of AI "data centers"--just ONE of which can use as much electricity as a city of 700,000--is expected to increase power demand.
 
Led by former clean-energy entrepreneur Jigar Shah, the Loan Programs Office got $400 BILLION from the Inflation Reduction Act to give to projects like EV batteries, solar power, nuclear "and other green technologies."

Wait...did the Dem yahoos at the the Journal just imply nuclear was green??  That's the first time we've ever heard that.

Source: Wall Street Journal

https://archive.is/9UfMb#selection-5616.0-6021.236