California Backs Life Extension for Diablo Canyon

September 7, 2022--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Under sweltering heat and electric power emergencies, California lawmakers on August 31 and September 1 voted overwhelmingly to extend the life of the two-unit Diablo Canyon Nuclear Power Station past its scheduled closure dates of 2024 and 2025. The legislation would keep both units operating through 2030.

Regulatory agencies will need to sign off on a license extension, which could collapse if Pacific Gas and Electric Company (PG&E) (San Francisco, California), Diablo Canyon's owner and operator, fails to win a share of newly created federal funds to keep financially embattled nuclear plants operating. The legislation also offered PG&E a $1.4 billion forgivable loan to extend the life of the two-unit, 2,255-megawatt nuclear plant.

Companies featured: PG&E Corporation (NYSE:PCG)