Con Edison Gets Another $45M In Stimulus Money

NEW YORK (AP) — Consolidated Edison Inc. said Wednesday it will get another $45 million in federal stimulus money to improve the electricity grid in the New York area.

The money is in addition to the $136 million in stimulus funds Con Ed said it was awarded in October.

The grant from the U.S. Department of Energy will be used to test and develop technologies to create a "smart grid" that uses computers and communication technology to optimize how electricity is generated, transmitted, distributed and used. The goal is to make the system more efficient and lower power costs.

Con Edison says it will work with the New York City Economic Development Corp., Boeing Co. and Columbia University for the project.

Shares of Con Ed slipped 6 cents to $42.49 in after-hours trading, after gaining 36 cents to $42.91 in the regular session.