For Immediate Release
DOE Makes It Official by Signing PHI Award
WASHINGTON - Pepco Holdings, Inc. ( POM:NYSE ) and the Department of Energy (DOE) have signed agreements for three American Recovery and Reinvestment Act grants formalizing $168.1 million for smart grid projects.
The formal start date for the projects is now April 12, 2010. Last October , the U.S. Department of Energy selected PHI to receive $168.1 million in federal stimulus funds to help build the smart grid in the District of Columbia, Maryland and New Jersey. $149.4 million will go to Pepco, with $104.8 million for smart grid projects in Maryland and $44.6 million for the District of Columbia. Atlantic City Electric will receive $18.7 for its smart grid projects.
"The $168.1 million will accelerate the delivery of customer benefits through building an integrated smart grid composed of advanced metering infrastructure, distribution automation and demand response technologies. We look forward to working with regulators to implement smart meters for our customers," said Joseph M. Rigby, PHI Chairman, President and CEO.
The money will help offset the cost to customers for installing meters and modernizing the electric grid. The smart grid will create new green jobs, boost the economy and lay the technological groundwork for customers to better manage their energy use and reduce carbon emissions generated by fossil-fueled power plants.
Once installed, the smart grid will provide several key services to consumers including over-the-air meter reads that minimize the need for estimated bills, detailed information on energy use to enable better energy management, and proactive customer communications by e-mail or text messaging to notify customers about power outages and service restoration.
Pepco Holdings, Inc. (NYSE: POM) is one of the largest energy delivery companies in the Mid-Atlantic region, serving about 1.9 million customers in Delaware, the District of Columbia, Maryland and New Jersey. PHI subsidiaries Pepco, Delmarva Power and Atlantic City Electric provide regulated electricity service; Delmarva Power also provides natural gas service. PHI provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.