This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

GE And ComEd Sign $200M Smart Meter Deal To Modernize Chicago’s Grid

Stock quotes in this article: EXC, GE

GE (NYSE: GE) has been selected by ComEd, a unit of Chicago-based Exelon Corporation (NYSE: EXC) and the electric utility serving Northern Illinois, to deliver approximately 4 million smart meters from 2013 to 2021 in a deal worth more than $200 million (U.S.). The smart meters will allow ComEd’s customers to better manage their energy usage and help ComEd more quickly detect and restore power outages.

“Deploying smart meters will not only strengthen economic growth, create jobs and modernize our electric grid, but empower our customers to take more control over their energy usage,” said Anne Pramaggiore, president and CEO, ComEd. “Working side by side with GE, we are able to create a modernized grid that will improve reliability, provide new ways to save energy and money and benefit the Illinois economy.”

By deploying advanced meters across its service territory, along with other components of its grid modernization initiative, ComEd expects to transform the delivery of electricity to homes and businesses and give consumers greater control over their energy consumption and costs.

Under Illinois’ 2011 Smart Grid Law, ComEd committed to invest more than $2.6 billion over 10 years to modernize its electric grid in Northern Illinois—more than $1.3 billion of which is earmarked to build a smart grid network and install smart meters in 4 million homes and businesses.

“The Illinois Smart Grid program will provide ComEd's customers with the benefits of a modern grid and help GE grow its local workforce in Chicago,” said Mark Hura, general manager of sales in North America, GE’s Digital Energy business. “This program allows us to be local with our customer by adding positions focused on the assembly of smart meters, a technology that offers a range of benefits to consumers such as shortened restoration time in the event of an outage. ComEd is a valued customer to GE, as demonstrated by our long-standing relationship and our recent successful smart meter pilot program. We look forward to working with ComEd to make grid modernization a reality in Chicago and all of ComEd's service territory."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs