Duke Energy To Accept $204M In Stimulus

Duke Energy DUK has finalized an agreement with the Department of Energy for $204 million 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; $4M will support the installation of digital equipment on the transmission system in the Carolinas. Both projects will save or create new jobs and stimulate the economy. "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," said Gianna Manes, Duke Energy senior VP and chief customer officer. "Smart grid technology is essential to achieving energy efficiency while creating significant employment opportunities." See Benzinga's Entire Feed Here