Duke Energy has finalized an agreement with the US
Department of Energy (DOE) for $204m in stimulus funds to support smart
grid projects in the company’s five-state service territory.
The DOE funds will support two projects: $200m – the
maximum allowed per project under the DOE Smart Grid Investment Grant
Program – will assist in modernizing Duke Energy’s power distribution
system; and $4m will support the installation of digital equipment on
the transmission system in the Carolinas.
Gianna Manes, senior
vice president and chief customer officer of Duke Energy, said: “With
this stimulus money, Duke Energy looks forward to maintaining its
leadership role in modernizing the electric grid and helping to
revitalize the nation’s economy.
“Smart grid technology is
essential to achieving energy efficiency while creating significant
Duke Energy said that it expects to
save or create approximately 1,000 jobs as it modernizes its grid system
in Ohio, Indiana, Kentucky and the Carolinas.
The company plans
to spend $1bn over the next five years to deploy smart grid technology
in its service territory. Deployment includes digital and automated
technology such as smart meters, distribution automation equipment and