United States Secretary of Energy Dr. Steven Chu came to Philadelphia
today 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.
If you are a member of the media and would like to receive PECO news
releases via e-mail please send your e-mail address to PECO.Communication@exeloncorp.com.
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