NV Energy Seeks $138M for Smart Grid Infrastructure

August 11, 2009 05:57 PM Eastern Daylight Time
NV Energy Seeks $138M for Smart Grid Infrastructure

LAS VEGAS--(BUSINESS WIRE)--NV Energy (NYSE: NVE) announced today that it has applied for a $138 million grant in stimulus funding from the Department of Energy (DOE) to support the company’s Advanced Service Delivery (ASD) Project, which will help build a modern Smart Grid infrastructure for the state of Nevada.

NV Energy’s ASD project is a Smart Grid strategy integrating customers and the utility through advanced technologies, enabling customers to take ownership of their energy usage. ASD links NV Energy’s customers to the grid in their homes, their workplaces and their vehicles.

"In addition to the many benefits for our customers, the Smart Grid will provide better management of energy resources statewide and improve system reliability through proactive management of current system conditions," said Michael Yackira, president and CEO of NV Energy.

NV Energy applied for federal funding as a Smart Grid Investment grant through the American Recovery & Reinvestment Act.

"This is a great example of how stimulus dollars can reach the economy while serving critical needs of our customers," Yackira said.

Should the grant be awarded, the statewide project will be implemented from 2010-2012, link 1.45 million electric and gas meters across 54,600 square miles of service territory, and benefit 2.4 million Nevadans.

Despite their installation costs, the smart meters may help save money by offering real-time information to encourage customers to shift energy use away from peak afternoon hours. This data will allow customers to control their energy usage, bill levels, attitudes and behavior, leading to making energy management an everyday habit.

Yackira added that the letter of endorsement the company received from the Public Utilities Commission of Nevada supporting the company’s grant application is a valuable part of the application process and ongoing efforts to bring new technology to Nevada’s utility infrastructure.

The DOE has set aside $3.4 billion for the Smart Grid integration, with up to $200 million per grant application. Utilities can request up to 50% of the costs of investments to deploy smart grid technologies within their territories.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.