HAGAN ANNOUNCES $400 MILLION INVESTMENT FOR SMART ENERGY GRID

WASHINGTON, D.C. - U.S. Senator Kay R. Hagan (D-NC) today announced a major federal grant for Raleigh-based Progress Energy and Charlotte-based Duke Energy to build a smart energy grid that will deliver energy to costumers more efficiently. Progress and Duke Energy will receive $200 million each as part of a nationwide investment of more than $3 billion to spur the transition to a smart energy grid. The funding was made available by the American Recovery and Reinvestment Act.

"Putting smart energy meters in homes and upgrading our energy grid will lower electricity bills for small businesses and hardworking North Carolina families," said Hagan. "Our energy grid is supported by Thomas Edison-era technology. Our North Carolina companies are working to implement next-generation energy technology for the country. I will continue working to secure important federal investments to ensure North Carolina remains on the cutting edge of green energy."

"Progress Energy is currently investing in several Smart Grid initiatives to meet our customer's changing electricity needs throughout the communities that rely on us for reliable power," said Bill Johnson, Progress Energy chairman, president and CEO. "This grant program has the potential to expand investments necessary to transform the electric grid to give customers greater control of their energy use, enable utilities to harness the potential of renewable energy and electric vehicles and improve power quality and service reliability."

Progress Energy is contributing an additional $320 million to complete the project, and will install more than 160,000 smart meters across its service area. A map of where Progress Energy's smart grid will be implemented in North Carolina can be seen here: http://www.energy.gov/recovery/smartgrid_maps/ProgressEnergy.JPG.

The Electric Power Research Institute estimates that the nationwide implementation of smart grid technologies could reduce electricity consumption by more than four percent by 2030, representing a savings of more than $20 billion for American businesses and consumers.

Duke Energy will use its grant to invest in comprehensive energy grid modernization, and will be implementing it in the Midwest. The company will also receive $4 million to install phasor measurement units that will monitor energy consumption in substations across the Carolinas and upgrade communications infrastructure and technology.

Hagan worked with her Senate colleagues to craft the Recovery Act to create jobs and jumpstart the economy.

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