Pete Najarian Believes In Smart Grid Trade (ITRI, ELON, GE)

Pete Najarian spoke on CNBC's Fast Money about smart grid technology as a way to reduce energy spending.

He said that Cisco Systems, Inc. (NASDAQ: CSCO) predicts that the smart grid technology market is going to be a $100 billion market. It is using Google (NASDAQ: GOOG) like algorithms to send electricity where it is needed the most and away from where it is needed the least, and it also allows the user to control his or her usage. Smart grid technology could really decrease energy expenses.

Pete Najarian recommends two direct plays in this field, Itron, Inc. (NASDAQ: ITRI) and Echelon Corporation (NASDAQ: ELON). It is possible to get exposure to this technology through General Electric Company (NYSE: GE) too.