by Rebecca Walker — September 9, 2009—Progress Energy announced that it has applied for $200 million in federal infrastructure funds in support of the company’s investment in an electric Smart Grid in the Carolinas and Florida.
The company submitted its application to the U.S. Department of Energy (DOE), which will award $4.5 billion in Smart Grid grants nationwide as part of the American Recovery and Reinvestment Act of 2009.
“Smart Grid” is a term used to describe a modernized electric transmission and distribution enabled by digital technology to deliver detailed, real-time information about energy use to customers. This allows utility companies and consumers to continuously monitor and adjust their electricity use, while providing a pricing and control system to flexibly integrate new renewable energy resources such as solar and wind power, energy storage devices and electric vehicles.
A smarter grid also will help minimize interruptions in electrical service during storms and other routine power outages.
Progress Energy is already investing a planned $320 million in Smart Grid to enhance the electricity delivery system at the company’s two electric utilities: Progress Energy Carolinas and Progress Energy Florida. If approved, the $200 million DOE grant would be shared equally on Smart Grid projects in the Carolinas and Florida and would advance additional Smart Grid investments.
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