According to CoinMeta, on July 8th, the office of the U.S. Department of Energy (DOE) closed a loan of up to $3.26 billion with the Texas division of the U.S. Electric Power Company (AEP). This is the third time that the office has provided financing for public utilities. The loan will be used to fund approximately 100 transmission projects in Texas, to rebuild or upgrade existing lines, and to construct about 2,800 miles of new infrastructure. It is expected to save more than 1 million Texas households and businesses about $685 million in electricity costs. The office currently has a loan authorization of over $289 billion, which is almost entirely used for base load power generation, transmission, and nuclear energy projects.