Biden grants PG&E $1.1 billion to keep Diablo Canyon nuclear plant open

The Biden administration on Monday said it’s providing Pacific Gas & Electric Co. with a $1.1 billion grant to help the company prevent the closure of Diablo Canyon, California’s last nuclear power plant.

Diablo Canyon was originally scheduled to be decommissioned in two phases in 2024 and 2025, but state lawmakers in September voted to keep it open for five more years. PG&E applied for funding in the Department of Energy’s initial phase of the $6 billion Civil Nuclear Credit program aimed to keep U.S. nuclear power reactors open.

The conditional funding, which comes from the bipartisan infrastructure law passed by Congress last year, creates a path forward for Diablo Canyon to remain open and could allow PG&E to pay back some of the $1.4 billion loan for the plant that lawmakers approved.

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