The U.S. Department of Energy announced that its Office of Energy Dominance Financing (EDF) is restructuring, revising or eliminating more than $83 billion in loans and conditional commitments from the Biden-era federal energy loan portfolio.
According to the DOE, the action follows a comprehensive first-year review of approximately $104 billion in principal loan obligations that were issued during the previous administration, including about $85 billion that were committed in the final months after Election Day.
In a statement included in the announcement, Secretary of Energy Chris Wright said the DOE conducted an individual review of the entire loan portfolio to ensure the “responsible investment of taxpayer dollars.” He said the review found more funding was issued in the final months of the prior administration than had been disbursed in more than 15 years.
The department said EDF has eliminated around $9.5 billion in government-subsidized wind and solar projects and is replacing those commitments with investments in natural gas and nuclear uprates that DOE described as providing “more affordable and reliable energy.”
Of the approximately $104 billion in Biden-era loan obligations reviewed, DOE said EDF has completed or is in the process of de-obligating almost $30 billion, with another $53 billion in revision.
The announcement also noted that EDF now has more than $289 billion in available loan authority, including expanded eligibility criteria under the Energy Dominance Financing Program. DOE said this level of authority makes EDF the largest energy lender in the world.
DOE said the restructured office is focused on lowering electricity prices, empowering private sector investment, strengthening American industry, and restoring what it termed American energy dominance.
