Baltimore Gas and Electric Company Awarded $200 Million in Federal Stimulus for Smart Grid Initiative
October 27 2009 - 11:30AM
Business Wire
Constellation Energy (NYSE: CEG) today released the following
statement from its Chairman, President and Chief Executive Officer,
Mayo A. Shattuck III, regarding the announcement by the Obama
Administration that Baltimore Gas and Electric Company (BGE) has
been awarded a $200 million federal stimulus grant in support of a
comprehensive Smart Grid initiative that would be one of the most
advanced nationwide.
“We are extremely pleased the Obama Administration has
selected BGE for this highly competitive and coveted grant, which
moves BGE’s landmark Smart Grid proposal one step closer to
reality. When fully implemented, BGE’s Smart Grid program will be
one of the most advanced in the nation and include the installation
of 2 million residential and commercial smart meters.
“BGE has established itself as a leader in Smart Grid
technology, having introduced an extensive pilot program in 2008
and 2009 that demonstrated customers can reduce peak electricity
usage by as much as one-third and realize significant
savings on monthly electricity bills. The awarding of this grant by
the Department of Energy is further affirmation that BGE’s
comprehensive Smart Grid initiative has the potential to transform
the way its customers consume and conserve electricity.
“The true beneficiaries of this grant will be BGE’s customers,
who over the life of the project can expect to reap savings in
excess of $2.6 billion, as well as improved system reliability and
significant environmental benefits. We believe that our Smart Grid
proposal will make a meaningful difference in the daily lives of
our customers and the communities we serve.
“We now look to the Maryland Public Service Commission to
complete its review and approval of our Smart Grid proposal with
appropriate cost recovery, upon which the $200 million stimulus
grant is contingent. It is our hope that we will receive the
Commission’s final approval by year’s end so that we can begin
providing our customers with the savings, reliability, service
quality and environmental benefits as soon as possible.
“Finally, we are extremely grateful for the strong support of
our Smart Grid application by Maryland’s Congressional delegation,
particularly Senators Barbara Mikulski and Ben Cardin and
Representatives Steny Hoyer, Elijah Cummings, Dutch Ruppersberger,
John Sarbanes and Frank Kratovil. They played an essential role in
garnering the support necessary to ensure BGE’s customers were the
beneficiaries of this important stimulus investment.”
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading
supplier of energy products and services to wholesale and retail
electric and natural gas customers. It owns a diversified fleet of
generating units located throughout the United States, totaling
more than 9,100 megawatts of generating capacity, and is among the
leaders pursuing the development of new nuclear plants in the
United States. The company delivers electricity and natural gas
through the Baltimore Gas and Electric Company (BGE), its regulated
utility in Central Maryland. A FORTUNE 500 company headquartered in
Baltimore, Constellation Energy had revenues of $19.8 billion in
2008.
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