U.S. Secretary of Energy visits PECO and 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 visited PECO last month 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. Through 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 announcement of a more than $3 billion investment in modernizing the nation’s electric grid.
“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.”
The stimulus grant will allow for faster and wider smart grid deployment for PECO customers. PECO will deploy smart meters for all 1.6 million customers in approximately 10 years, accelerating universal meter deployment by five years as a result of the grant. One of the largest single investments in company history, the overall project is estimated to cost up to $650 million.
For more information visit www.peco.com/smart.