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Con Edison to Receive Additional $45 Million in Smart Grid Stimulus Funding

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  Published in Stocks and Investing on Tuesday, November 24th 2009 at 15:04 GMT by Market Wire
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NEW YORK, NY--(Marketwire - November 24, 2009) - 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 ].