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The Biden administration on Wednesday finalized approval of $1.1B in credits to help keep PG&E’s (NYSE:PCG) Diablo Canyon nuclear power plant producing electricity to at least 2030.
Diablo Canyon’s two reactors, which the U.S. Department of Energy says provide 9% of California’s power generation, had been scheduled to shut in 2024 and 2025.
PG&E (PCG) reached an agreement in 2016 with environmental groups and labor unions to close the 40-year-old reactors, but the state legislature voided the deal in 2022 at the urging of Governor Gavin Newsom, who said the plant was needed to ward off blackouts.
The environmental group Friends of the Earth has sued the U.S. Nuclear Regulatory Commission over allowing Diablo Canyon to keep operating.
