Pepco Holdings Inc. (POM) said that the U.S. Department of Energy has selected the company to receive $168.1 million in federal stimulus funds to help build the smart grid in the District of Columbia, Maryland and New Jersey. The grants will be finalized in the coming weeks through negotiations with DOE.
The company said that it would use the money to help offset the cost to customers for installing meters and modernizing the electric grid. The smart grid will create new green jobs, boost the economy and lay the technological groundwork for customers to better manage their energy use and reduce carbon emissions generated by fossil-fueled power plants.
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