Consolidated Edison Inc. will get a $136 million boost from the federal stimulus program to expand efforts to modernize its electric grid in metropolitan New York.
The Smart Grid Investment Grant from the U.S. Department of Energy, totaling $136,170,899, will be used to integrate information and communication technologies into electrical generation and delivery systems for consumers served by the utility”™s two subsidiaries, Consolidated Edison Co. of New York and Orange & Rockland Utilities Inc. The utility is required to match the federal investment in the project.
Con Edison officials said the new technologies will help customers use energy more efficiently, support alternative energy sources, enable widespread adoption of electric-vehicle charging and make service more reliable for all customers, including major medical facilities, transportation systems, financial institutions and media centers.
The Con Edison program is one of 100 projects that will share $3.4 billion in smart grid awards recently announced by President Obama. Federal officials said the projects when fully implemented will put the country on a path to get 20 percent or more of its energy from renewable sources by 2020. The projects combined are expected to reduce peak electricity demand by more than 1400 megawatts, the equivalent of several larger power plants, and could save ratepayers more than $1.5 billion in capital costs and help lower utility bills.
The Electric Power Research Institute has estimated using smart grid technologies could reduce electricity use by more than 4 percent by 2030. That would mean a savings of $20.4 billion for businesses and consumers around the country.
Con Edison officials said the company is already testing various technologies in a smart grid pilot project in Queens.
