President Obama announced an unprecedented effort to remake the nation’s electric energy gird Tuesday, allocating $3.4 billion in government money that will be matched by more than $4.7 billion in private funds.
The government money from the economic recovery act will be poured into 100 private companies, manufacturers and cities, with a strong emphasis on utilities.
Federal money to be match by more than $4.7 billion of private spending
The Electric Power Research Institute estimates a more efficient electric grid could reduce energy use by 4 percent and save the country $20.4 billion.
Of the federal money, $2 billion will go toward designing smart grid components, such as smart meters, substations, appliances and plug-in cars. Another $1 billion will go toward improving consumer access to smart meters and equipment aimed at helping people use power when rates are the lowest. An additional $400 million will be used for grid modernization.
Among the companies receiving money are:
*CenterPoint Energy and Baltimore Gas and Electric, both $200 million;
*Central Maine Power, $96 million;
*Consolidated Edison, $136 million;
*Western Electric Coordinating Council, $54 million;
*Whirlpool, $19 million;
*Duke Energy, Florida Power & Light, Progress Energy and PECO Energy, $200 million each;
*Southern Company, $165 million;
*NV Energy, $138 million.
