By Triangle Business Journal

Raleigh utility metering company Sensus has reached a preliminary deal to deploy its smart metering system for Philadelphia-based utility PECO, Sensus announced Tuesday.

PECO, an electric and natural gas utility subsidiary of Exelon Corp. (NYSE: EXC), has issued a letter of intent to purchase Sensusâ¿¿ FlexNet communications network for a smart metering program expected to encompass more than 1.6 million electricity customers. The system will help PECO manage power outages and provide automation and monitoring capabilities for the utility.

PECO and Sensus are still working on project requirements and other details in order to reach a final work agreement. No financial terms were disclosed. PECO has already launched plans to deploy smart meters over the course of the next 10 years, an effort supported by a $200 million stimulus grant award from the U.S. Department of Energy.

Sensus employs about 200 in Raleigh and Morrisville.

PECO is a subsidiary of publicly traded Exelon Corp. (NYSE: EXC).

Copyright 2010 American City Business Journals
Copyright 2010