KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
Key Highlights:
- Loan Purpose: The $15 billion conditional loan will fund climate resilience projects, upgrade electrical grids, and refurbish PG&E’s hydroelectric infrastructure and power lines.
- Additional Investments: The funds will also support battery energy storage expansion and enhanced transmission systems.
- Strategic Timing: The Biden administration is accelerating financing ahead of President-elect Donald Trumptaking office on Jan 20, given uncertainties about future climate-related funding.
Why It Matters
- Climate Resilience: PG&E’s infrastructure upgrades aim to tackle challenges posed by extreme weather events, including wildfires and hurricanes, which threaten California's power grid.
- Energy Transition: Enhancing storage and transmission aligns with the rising energy demands from industries like data centers, crucial for the clean energy shift.
- Utility Funding: The loan follows PG&E’s recent $2.4 billion stock offering, as utilities increasingly seek external financing to modernize outdated grids.
Next Steps
- The US Department of Energy and PG&E must meet technical, legal, and environmental conditions before finalizing the loan.
- Funds will be disbursed over several years in cash installments.
This record loan highlights the urgency of strengthening US energy infrastructure to address climate risks while supporting the clean energy transition.
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