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DOE, Treasury: Smart Grid Grants To Be Tax Exempt

By Ian Talley Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The U.S. Treasury and the Department of Energy Wednesday said federal investment grants for smart grid projects--artificially intelligent power grid systems--will be tax exempt. Firms such as Duke Energy Corp. (DUK), FPL Group Inc. (FPL), Exelon Corp. (EXC) and Constellation Energy Group Inc. (CEG) have been awaiting the tax guidance from the government before moving ahead with their proposed projects. The industry had warned that taxing the $3.4 billion made available through the smart grid investment grant program could result in the cancellation or downsizing of electric-grid projects. An official for the industry group, the Edison Electric Institute, said many companies weren't signing final agreements on the projects until the tax dispute had been resolved. "This is an important step toward reaching the Administration's goal of a more reliable and efficient electrical grid," said Matt Rogers, Senior Advisor to the Secretary of Energy. The grants are funded through the stimulus package approved last year. The DOE said the program was the single largest energy grid modernization investment in the U.S. A smart grid is essential for increasing the efficiency of the nation's power grid and to expanding renewable energy production. "By clarifying the tax treatment of Smart Grid Investment Grants, we are ensuring that their full impact is felt in the communities where these investments are being made," Treasury Assistant Secretary for Management Dan Tangherlini said in a statement. Many of the projects to increase reliability and energy efficiency were already being developed before the grant program started. And even with the tax rate as high as 40% on the handout, many companies still stand to receive tens of millions of dollars they wouldn't have otherwise. The projects are important to the earnings of utilities, which rely on increased infrastructure investment for growth. -By Ian Talley, Dow Jones Newswires, 202-862-9285; ian.talley@dowjones.com (Mark Peters in New York contributed to this report)

Stock News for F P L (FPL)
DateTimeHeadline
06/15/201020:36:48US Senators Propose Extending Renewable-Energy Grant Program
05/21/201017:08:50FPL Group Formally Changes Name To NextEra Energy
05/12/201017:27:12Energy Executives Endorse Kerry-Lieberman Climate Bill
04/30/201008:54:45FPL To Spend $2 Billion Improving Plants, Cut Work Force By 300
04/27/201008:42:48FPL 1Q Profit Up 53% On Mark-To-Market Gains; Demand Rises
04/26/201018:03:12Low Carbon Investments Tied To Dimming Fate Of Climate Bill
04/05/201014:43:16Utilities Sue US Government To Suspend Nuclear Waste Fee
03/23/201017:22:58US Wind Developers Struggle To Ink Power Contracts
03/10/201016:51:35DOE, Treasury: Smart Grid Grants To Be Tax Exempt
03/04/201013:32:35MARKET TALK: US Nuclear Buildout Needs Policy Certainty -FPL
02/11/201012:56:35NJ:Power Auction Price For PSE&G Territory Down 7.7% From '09
01/26/201008:38:05FPL Group 4Q Profit Falls 14% On Weakness At Generating Operations
12/16/200919:46:40PG&E, DTE Energy Sign 45-MW Contract For Biomass Power
12/03/200917:16:07FPL CEO: Gas Pipeline, Nuclear Project Hinge On Rate Case
11/19/200912:35:09Federal Regulators OK Florida Natural Gas Pipeline Project
11/16/200910:32:07STREET MOVES: UBS Hires Utilities Analyst
11/05/200919:13:02US Government Says Fast-Tracking 6 Calif Solar, Wind Farms

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