Pacific Gas and Electric Co. donated a $25,000 grant to the Economic Vitality Corp. of San Luis Obispo County that aims to help create a strong regional economy.
The grant will support the corporation’s countywide Economic Strategy Project that analyzes the local economy and helps business start and expand in an area known for its high cost of living and a lack of head-of-household jobs.
San Luis Obispo County is in the midst of reshaping its economic future as the Diablo Canyon Power Plant maps out its exit strategy. Diablo Canyon accounts for about 7 percent of the county’s total economic output but the region will benefit from an expected decades-long, multibillion-dollar decommissioning process. The nuclear power plant plans to close in 2025.
“The EVC and its members are grateful for PG&E’s continued, generous support since the inception of this organization in 1994 as a founding member. PG&E’s recent donation will help redouble our efforts to diversify the economy and create more jobs throughout the county,” EVC President and CEO Michael Manchak said.
PG&E will also create a $10 million Economic Development Fund as part of the Diablo Canyon closure settlement agreement. The Coalition of Cities — including Arroyo Grande, Atascadero, Morro Bay, Paso Robles, Pismo Beach and San Luis Obispo — will receive $5.76 million, the county will receive $3.84 million and the remaining $400,000 will be allocated for regional economic development activities. The county will share a portion of the $3.84 million with the city of Grover Beach as well.
As for the entire settlement agreement, PG&E will pay between $122.5 million and $147.5 million to seven San Luis Obispo County cities, the county and the school district.
• Contact Alex Kacik at [email protected]