U.S. President Barack Obama on Tuesday is set to announce that he is making available $3.4 billion in government support for 100 projects aimed at modernizing the U.S. power grid. Speaking at a Florida power plant, Obama announced funding for the projects, which include installing “smart” electric meters in homes, automating utility substations, and installing thousands of new digital transformers and grid sensors. The funding, which came from the stimulus plan, is the “largest single energy grid modernization investment in U.S. history, funding a broad range of technologies that will spur the nation's transition to a smarter, stronger, more efficient and reliable electric system,” a statement released by the White House said. “The end result will promote energy-saving choices for consumers, increase efficiency, and foster the growth of renewable energy sources like wind and solar.” The $3.4 billion will be matched by industry funding for a total public-private investment worth over $8 billion. “An analysis by the Electric Power Research Institute estimates that the implementation of smart grid technologies could reduce electricity use by more than 4 percent by 2030. That would mean a savings of $20.4 billion for businesses and consumers around the country, and $1.6 billion for Florida alone-or $56 in utility savings for every man, woman and child in Florida,” the statement said. --SPA
