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President Barack Obama announced $3.4 billion in funding for projects to modernize the nation’s electricity grid — the largest group of economic stimulus awards ever made in one day.
The government funds will be matched by more than $4.7 billion in private-sector investments. The awards went to 100 companies, utilities, manufacturers and cities across the nation. They included $5,347,598 to Hawaiian Electric Co. to upgrade its electrical grid.
The largest chunk of the government funding — $2 billion — went to projects that will integrate different “smart grid” components, such as smart meters and automated substations, into one system. Another $1 billion was directed to projects that expand consumer access to smart meters and other systems that will enable them to run appliances and equipment when electric rates are the lowest.
About $400 million will go to projects that will reduce the amount of power that is wasted in its journey from the power plant to the end user.
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