Duke Energy has finalized an agreement with the US Department of Energy (DOE) for $204m in stimulus funds to support smart grid projects in the company's five-state service territory.

The DOE funds will support two projects: $200m – the maximum allowed per project under the DOE Smart Grid Investment Grant Program – will assist in modernizing Duke Energy's power distribution system; and $4m will support the installation of digital equipment on the transmission system in the Carolinas.

Gianna Manes, senior vice president and chief customer officer of Duke Energy, said: "With this stimulus money, Duke Energy looks forward to maintaining its leadership role in modernizing the electric grid and helping to revitalize the nation's economy.

"Smart grid technology is essential to achieving energy efficiency while creating significant employment opportunities."

Duke Energy said that it expects to save or create approximately 1,000 jobs as it modernizes its grid system in Ohio, Indiana, Kentucky and the Carolinas.

The company plans to spend $1bn over the next five years to deploy smart grid technology in its service territory. Deployment includes digital and automated technology such as smart meters, distribution automation equipment and communications infrastructure.


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