Duke Energy Reaches Agreement with DOE to Accept $204 Million in Stimulus Funds to Support Grid Modernization

CHARLOTTE, N.C., May 13 /PRNewswire-FirstCall/ -- Duke Energy (NYSE: 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.

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The DOE funds will support two projects: $200 million -- the maximum allowed per project under the DOE Smart Grid Investment Grant Program -- will assist in modernizing Duke Energy's power distribution system; $4 million 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 vice president and chief customer officer. "Smart grid technology is essential to achieving energy efficiency while creating significant employment opportunities."

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

Duke Energy plans to spend $1 billion 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.  

"Our investment in digital, smart grid technologies will enable the information and automation necessary to increase energy efficiency, improve reliability and reduce carbon emissions," Manes said.

Visit www.smartenergynewsroom.com and www.duke-energy.com/smartgrid for more information on Duke Energy's grid modernization efforts.

Duke Energy is one of the largest electric power holding companies in the United States. Its regulated utility operations serve approximately 4 million customers located in five states in the Southeast and Midwest, representing a population of approximately 11 million people. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.  To learn more and contribute to the discussion about the energy issues of today and the possibilities of tomorrow see www.sheddingalight.org.

SOURCE Duke Energy