U.S. Department of Energy Awards PECO $200M for Smart Meter/Smart Grid Technology
Ben Franklin Technology Partners One of Seven PECO Partners
United States Secretary of Energy Dr. Steven Chu came to Philadelphia on October 29th to announce a $200 million stimulus award for PECO (NYSE: EXC). 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.
The stimulus grant will allow for faster and wider smart-grid deployment at a lower cost for PECO customers. PECO plans to deploy smart meters for all 1.6 million customers in 10 years, accelerating universal meter deployment by 5 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.
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 allow customers to better understand how they use and conserve energy, save money and help the environment. With “intelligent” technology upgrades, PECO’s system will essentially be able to identify and correct certain system problems before they affect our customers. The award follows President Obama’s announcement Tuesday of $3.4 billion in grants to modernize the nation’s electric grid. For more information visit www.peco.com/SMART.
“What this is about,” said Secretary Chu, “is about consumers saving money by being able to monitor how they use energy in real time and developing better habits. It’s about creating jobs, and a much more reliable and modern electrical system. PECO had a great proposal, and the grant is well deserved.”
“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 meter/smart grid technology to benefit our customers and the communities we serve.”
PECO’s project also includes partnerships with the Philadelphia Housing Authority, Drexel University and Viridity Energy, Liberty Property Trust, Ben Franklin Technology Partners, the Delaware Valley Regional Planning Commission, and the University of Pennsylvania.
The initiative also supports the utility’s ongoing environmental efforts, including the installation of a green roof and new Crown Lights LED messaging system on the company’s Center City headquarters; the opening of its first ‘green building’ in West Chester, which was awarded silver certification for Leadership in Energy and Environmental Design (LEED); LEED certification improvements for many other company facilities; the increased use of hybrid and biodiesel vehicles; and support for community environmental projects.
The expanded environmental program is 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.
Based in Philadelphia, PECO is an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC). PECO serves 1.6 million electric and 485,000 natural gas customers in southeastern Pennsylvania and employs about 2,400 people in the region. PECO delivered 83.7 billion cubic feet of natural gas and 39.4 billion kilowatt-hours of electricity in 2008. Founded in 1881, PECO is one of the Greater Philadelphia Region’s most active corporate citizens, providing leadership, volunteer and financial support to numerous arts and culture, education, environmental, economic development and community programs and organizations.
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