(Source: Associated Press/AP Online)
PHILADELPHIA - PECO said Thursday that it has been awarded a $200 million federal grant that will allow the utility to accelerate deployment of new "smart" meters to its 1.6 million customers and modernize its systems.
The meters, being rolled out to utility customers across the U.S., are designed to improve reliability and help customers use electricity more efficiently.
The award is part of the $3.4 billion in grants that President Barack Obama announced on Tuesday were being awarded to utilities and communities to modernize the nation's electric grid.
PECO is one of six utilities to receive major funding.
With the grant, PECO said it will be able to install the new meters within 10 years, five years ahead of its original schedule. The overall project cost is estimated at $650 million.
PECO is an electric and natural gas subsidiary of Chicago-based Exelon Corp.
A service of YellowBrix, Inc.
