The investment includes a $200m smart grid grant that the company secured from the US Department of Energy.
The companies will work together to improve the power network’s power efficiency, increase power quality and enhance renewable energy, energy storage and plug-in electric vehicle adoption.
IBM, which is involved in more than 150 smart grid projects, will offer its expertise in smart grid technologies and systems integration to the project.
‘Progress Energy’s smart grid efforts focus on improving the electric distribution network first, then cascading these improvements to the consumer. We believe these efforts position the programme as one of the more sophisticated deployments in the marketplace,’ said Guido Bartels, general manager of utilities at IBM and chairman of the Global Smart Grid Federation.
‘Together with Progress Energy we will improve grid performance across the distribution network to bring greater efficiency, reliability and security to consumers by applying a truly integrated approach.’
Progress Energy said it will use IBM software to integrate new distribution management, advanced metering, meter data management and demand response systems to upgrade the Progress Energy smart grid network.
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