Energy Department Provides More Than $8 Billion for Grid Modernization
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- Apr 28, 2021 9:13 pm GMTApr 28, 2021 4:14 pm GMT
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The Biden administration is planning to spend more than $8 billion in Energy Department financing to modernize the transmission grid. The move will pave the way for transmission of renewable energy from generation facilities, which are often located at great distances from distribution facilities, to homes.
The spending figure includes $5 billion in loan guarantees for projects to transport direct current to offshore wind farms or to be sited along railroads and highways. In addition, the Western Area Power Administration is relaunching an infrastructure program with $3.25 billion for transmission. The Transportation department is also working with the Energy department to provide rights of way along highways to host transmission lines.