Con Ed (ED) to Receive Additional $45M from U.S. DoE Smart Grid Stimulus Program
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Consolidated Edison, Inc. (NYSE: ED) will receive an additional $45 million in smart grid stimulus funds from the U.S. Department of Energy (DOE), it was announced today.
This federal stimulus money will help fund a smart grid program that will enable Con Edison to identify, develop, and test new technologies within the electric delivery system that will help build a smarter, more efficient grid. Some projects in the award include distribution monitoring devices, electric vehicle charging stations, renewable energy generation, energy storage, consumer systems, and a command and control network.
Today's DOE smart grid demonstration program award is in addition to the $136 million announced in October -- which Con Edison will use to deploy and integrate smart grid technology on the electric system.
The $181 million in smart grid stimulus funds that Con Edison is scheduled to receive will broaden the scope of the company's existing smart grid efforts to modernize the electric grid in the most complex energy market in America.
Con Edison will work with other parties on this project, including the New York City Economic Development Corp., The Boeing Co. (NYSE: BA), and Columbia University. Other parties include Viridity Energy, the Prosser Group, CALM Energy, and Rudin Management Co., Inc.
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