Baltimore Gas and Electric said that when fully implemented, smart grid is expected to generate an estimated $2.6bn in customer savings over the life of the project.
The implementation of the smart grid initiative is subject to the Maryland Public Service Commission’s (PSC) approval, which will facilitate multi-year phasing-in of a long-term transformation in the way BGE customers utilize and conserve energy on a day-to-day basis.
The company said that the new smart grid technology will allow BGE customers to have a greater control over their energy consumption and their monthly energy bills by redefining the way they consume and conserve electricity.
Customers will get bill credits for reduced energy consumption during periods of peak demand, in addition to enhanced information about energy usage and costs along with opportunities to save, according to the company.
BGE expects to help customers achieve required energy savings under the state of Maryland’s EmPower Maryland law, which calls for a 15% reduction in energy use and peak demand statewide by 2015, through the smart grid initiative.
Kenneth DeFontes Junior, president of BGE, said: ”Finalization of this agreement between BGE and the Department of Energy is a major step forward in making this highly competitive and coveted grant of $200m a reality.
”This agreement is further affirmation of the comprehensive nature of BGE’s multi-year approach to implementing Smart Grid. While there are certain operational benefits to be realized, the true beneficiaries of this grant and technology will be BGE’s customers.”
