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Con Edison to Receive Additional $45 Million in Smart Grid Stimulus Funding
NEW YORK, NY, Nov 24, 2009 (MARKETWIRE via COMTEX) --
Consolidated Edison, Inc. (Con Edison) (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., and
Columbia University. Other parties include Viridity Energy, the
Prosser Group, CALM Energy, and Rudin Management Co., Inc.
A smart grid integrates information and communication technology into
electricity generation, delivery, and consumption, making systems
cleaner, safer, and more reliable and efficient. Smart grid
technologies will help consumers use energy more efficiently, support
alternative energy sources, enable widespread adoption of electric
vehicles, and enhance reliability to all customers including major
medical facilities, transportation systems, financial institutions,
and media centers.
The company is already testing various technologies in a small-scale
smart grid pilot project in Queens. For more information about Con
Edison's smart grid efforts, visit www.conEd.com.
Consolidated Edison, Inc. is one of the nation's largest
investor-owned energy companies, with approximately $14 billion in
annual revenues and $34 billion in assets. The company provides a
wide range of energy-related products and services to its customers
through its two regulated utility subsidiaries and its three
competitive energy businesses. For additional financial, operations
and customer service information, visit Consolidated Edison, Inc.'s
Web site at www.conedison.com.
Contact:
Media Relations
212-460-4111
SOURCE: Consolidated Edison, Inc.
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