Kansas-based utility to receive 'smart grid' funds
The Topeka-based utility said it received notice from the U.S. Department of Energy that it was selected to receive part of $3.4 billion in stimulus funds for so-called "smart grid" projects. Those projects are aimed at bringing energy systems into the digital age.
Westar says the department hasn't determined how much it will receive but said it was eligible for more than $19 million. Westar had sought $20 million of the project's almost $40 million price tag.
The project will provide electric customers in Lawrence with programmable thermostats that they can monitor and adjust online, helping reduce their power consumption and helping Westar deal with periods of peak energy demand.
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When Berkshire purchased the majority share of BHE in 2000, the cost of electricity for its residential customers in Iowa was 8.8 cents per kilowatt-hour (kWh) on average. Since then, these electricity rates have risen at a paltry <1% per year, with a freeze on rate hikes through 2028. As anyone who pays an electricity bill knows, that is an incredible deal.
As Buffett himself notes with alacrity, “Last year, the rates…
