President Obama on Tuesday announced a $3.4 billion federal investment to modernize the country's outdated power grid.
The money will go to 100 projects in 49 states to add automated substations, digital transformers, electric meters in homes and other high-tech equipment to create a "smart" grid.
"We're going to create an energy superhighway," Mr. Obama said when making the announcement at Florida Power & Light Co.'s DeSoto Next Generation Solar Energy Center in Arcadia, Fla., one of the country's biggest solar-power facilities.
The money will be released in the form of grants through the American Recovery and Reinvestment Act, and recipients will have to match the federal money with an equal amount of private investment.
Administration officials said that the program includes $4.7 billion in private investments and that grants range from $400,000 to $200 million.
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