Out of the total investment, more than $1.3bn will be used to deploy a Smart Grid system and install smart meters in four million homes and businesses.

ComEd said its grid modernization investments have provided an important boost to Illinois manufacturers, suppliers and service providers.

In 2012, ComEd awarded grid modernization contracts worth $118m, including 71% to Illinois firms providing services and products from engineering to cable to smart switches.

The company submitted a report to the Illinois Commerce Commission saying that the 2011 Smart Grid law created over 2,400 equivalent jobs in Illinois in 2012.

ComEd president and CEO Anne Pramaggiore said "Our work to bring the electric grid into the 21st century created more new jobs than we anticipated in the first year of the program."

ComEd said it is partnering with a number of Chicago-based firms, which include Meade Electric, S&C Electric, G&W Electric, Intren and Aldridge.