Summary
This 8-K filing reports that PECO Energy Company, a subsidiary of Exelon Corporation, has entered into a significant Financial Assistance Agreement with the U.S. Department of Energy (DOE) for Smart Grid Investment Grant (SGIG) funds. PECO has been awarded the maximum allowable grant of $200 million under the American Recovery and Reinvestment Act for its "Smart Future Greater Philadelphia" project. This funding will accelerate PECO's smart grid and smart meter deployment. The total project budget is approximately $436 million, with the DOE grant significantly reducing the financial impact on ratepayers. This initiative aims to enhance grid reliability, efficiency, and functionality, with a commitment to deploying smart meters to all 1.6 million electric customers within ten years, an acceleration of previous plans.
Key Highlights
- 1PECO Energy Company received a $200 million Smart Grid Investment Grant (SGIG) from the U.S. Department of Energy (DOE).
- 2The grant is part of the American Recovery and Reinvestment Act and is the maximum allowable under the SGIG program.
- 3The funds are designated for PECO's "Smart Future Greater Philadelphia" smart grid project, with a total budget of approximately $436 million.
- 4This funding accelerates PECO's commitment to deploying smart meters to all 1.6 million electric customers within 10 years.
- 5PECO will also increase its smart grid investments over the next three years, from approximately $55 million to $100 million.
- 6The SGIG funding is expected to significantly reduce the impact of these investments on PECO ratepayers.
- 7The agreement includes provisions for Drexel University and Liberty Property Trust as sub-recipients for demonstration projects.