U.S. Secretary of Energy Visits PECO & Awards $200 Million in Smart Meter Stimulus
Funding to bring $1.5 billion in savings to PECO customers and create more than 4,300 jobs
United States Secretary of Energy Dr. Steven Chu came to Philadelphia in October to announce a $200 million stimulus award for PECO. One of only six utilities in the country to receive major funding, the grant will help customers save more than $1.5 billion in energy costs and bring the equivalent of about 4,300 jobs to the greater Philadelphia region.
By creating a two-way information system, the new “smart grid / smart meter” system will improve local electric service reliability and also help advance use of renewable energy sources. This interactive technology will equip customers with the information they need to better understand how they use energy, how they can conserve energy, save money and help the environment. Thru this new technology, our system also will essentially be able to identify and correct certain system problems before they affect our customers. The award follows President Obama’s Tuesday announcement of a more than $3 billion investment in modernizing the nation’s electric grid.
The stimulus grant will allow for faster and wider smart-grid deployment for PECO customers. PECO will to deploy smart meters for all 1.6 million customers in approximately 10 years, rather than during 15 years if the grant had not been received. One of the largest single investments in company history, the overall project is estimated to cost up to $650 million.
“This is a big win for our customers and an exciting day for PECO,” said Denis O’Brien, PECO president and CEO. “The DOE decision reinforces PECO’s position among utilities across the nation as an environmental and technology leader. We are excited to roll-out the smart grid / smart meter technology to benefit our customers and the communities we serve.”
This initiative also supports the company’s ongoing environmental efforts. Other environmental projects include the installation of a green roof and new Crown Lights system on the company’s Center City headquarters; the opening of PECO’s first ‘green building’ in West Chester, recently awarded silver certification for Leadership in Energy and Environmental Design (LEED); improvements to secure LEED certification for many other company work sites; the increased use of hybrid and biodiesel vehicles; and support for community environmental projects.
These efforts are a component of Exelon 2020: A Low-Carbon Roadmap, the comprehensive environmental strategy of PECO’s parent company. Exelon 2020 sets the goal of reducing, offsetting or displacing more than 15 million metric tons of greenhouse gas emissions per year by 2020. This is more than the company’s current annual carbon footprint and is equivalent to taking nearly 3 million cars off American roads and highways.
