Press Release
07.22.09
Oncor Files Applications for $317 Million in Smart Grid Stimulus FundsOncor -
Oncor announced today that it has officially completed filing three applications with the U.S. Department of Energy for approximately $317 million in stimulus funds. Oncor previously notified the DOE through letters of intent filed on June 30 that the applications would be submitted by the Aug. 6 deadline. The applications were filed on Friday, July 17.
Oncor filed the following applications for stimulus funds to advance one of the nation’s broadest and most comprehensive smart grid initiatives:
o $200 million to lower the cost for the Smart Texas SM advanced meter system initiative,
o more than $58 million for telecommunications network investments to support the smart grid initiatives, and
o more than $58 million for distribution automation to improve service and reliability.
“Oncor’s projects clearly support the goals of the federal legislation – creating jobs, promoting energy efficiency and equipping consumers with more information about energy use,” Bob Shapard, Oncor’s Chairman and Chief Executive Officer, said. “The applications also support the Public Utility Commission of Texas’ own objectives to lower costs to consumers and improve service and reliability.” Oncor anticipates a decision in October 2009.
In February, the federal government outlined a number of objectives for the energy portion of the bill, including creating 3.5 million jobs over two years, reducing the nation’s dependence on foreign energy sources, lowering environmental impacts by reducing energy use and carbon dioxide emissions, and piloting and demonstrating new emerging technologies.
If approved, Oncor anticipates the three smart grid applications could create or retain an estimated 1,600 jobs in 2010, based on data from the Council of Economic Advisers.
Later this year, Oncor plans to file an application for a federal loan guarantee to support the development of the Competitive Renewable Energy Zone projects assigned to Oncor. Oncor is developing the largest section of the state’s CREZ projects, approximately 850 miles of transmission lines. CREZ is designed to move wind power produced in West Texas to urban areas in Texas. The DOE is still developing guidelines for the new loan guarantee program established by the Recovery Act.
Oncor is also one of 15 utilities participating in Ford Motor Company’s application to support development of electric, plug-in fleet vehicles. A decision concerning the Ford Motor Company’s stimulus application is expected in the next two months.
Oncor Electric Delivery Company LLC (“Oncor”) is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to approximately 3 million homes and businesses and operating approximately 117,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Energy Future Holdings Corp.), Oncor is managed by its Board of Directors, which is comprised of a majority of independent directors.
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Carol Peters
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