PECO Announces Plans For Advanced Smart Grid; $650 million plan could save customers $1.5 billion, create about 4,300 ‘job years’ and reduce energy use to help the environment
In one of the largest investments in company history, PECO today announced ambitious plans to install more than 1.6 million residential and commercial smart meters, deploy advanced communications networks, and utilize the latest in digital smart grid technology. The $650 million plans, to be filed this month with the U.S. Department of Energy (DOE) and Pennsylvania Public Utility Commission (PUC), could save customers about $1.5 billion during the life of the project, improve service and benefit the environment. Additional information can be found at www.peco.com/SMART.
The company’s plans include building an advanced metering infrastructure (AMI), providing smart meters for 600,000 customers by 2012 and all 1.6 million customers in 10 years, and upgrading the company’s electric transmission and distribution system with the ability to identify and correct certain system problems before they impact customers.
The first plan, filed today with the DOE, seeks $200 million in matching funds through the federal stimulus grant program. Included in the submission are letters of support from nearly 100 organizations including: members of Congress; city, county and state officials; chambers of commerce; and vendors. A stimulus grant would allow for a faster, wider smart meter and smart grid deployment.
“PECO is making long-term investments in critical infrastructure that will deliver significant benefits to our customers, the communities we serve, and the environment,” said Denis O’Brien, PECO president and CEO. “Our smart meters and smart grid will make a meaningful difference to our customers through reduced energy costs and enhanced operational performance, and they also will position our region to attract new energy-related businesses and jobs.”
“We imagine a day coming soon in which customers can get real-time information about how they use energy and energy costs. They will be able to remotely control appliances, save money and help the environment. We envision a more modern, highly reliable energy delivery system that will not only keep the lights on, but better accommodate electric vehicles, energy storage facilities, and renewable energy,” O’Brien said.