Baltimore Gas and Electric Co. must get its "smart meter" proposal approved by state regulators before the end of July or it will risk losing $200 million in federal stimulus grants, a company executive said Wednesday.
The U.S. Department of Energy can only shift the funds to another program through the end of September, and so they will need the remaining time to evaluate other proposals if this one is not approved, said Mark D. Case, BGE's senior vice president for regulatory affairs.
Last week, the Maryland Public Service Commission denied the utility's request to impose surcharges to customers to recover the $835 million cost of deploying the meters, which provide two-way communications and real-time information about electricity consumption.
BGE had stated in its application that the technology could save $600 million in operating costs over the 15-year life of the meters by eliminating the need for meter readers, as well as at least $2 billion in potential savings through energy conservation.
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