EEI - Statement by Edison Electric Institute President Kuhn Commends Administration For Tax Ruling On Smart Grid Investment Grants

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Statement by Edison Electric Institute President Kuhn Commends Administration For Tax Ruling On Smart Grid Investment Grants

(Wednesday, March 10, 2010) -

Edison Electric Institute President Tom Kuhn today commended the Obama administration for Wednesday’s ruling that Smart Grid Investment Grants announced last year will not be subject to federal income tax for electric utilities receiving the money under the federal stimulus effort.

“This crucial decision by the Departments of Treasury and Energy will give the green light to electric utilities eager to finalize grant agreements that will enable them to move forward quickly on Smart Grid Investment Grant programs,” Kuhn said. “This means that utilities will be able to proceed without delay in implementing the $3.4 billion federal grant program, which will be a major boost in bringing smart grid technologies to utilities and customers nationwide.”

The smart grid spending will help create jobs, improve the reliability and efficiency of the electrical grid, and help integrate renewable resources and electric vehicles into the grid, Kuhn said.

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The Edison Electric Institute (EEI) is the association of U.S. shareholder-owned electric companies. Our members serve 95 percent of the ultimate customers in the shareholder-owned segment of the industry, and represent approximately 70 percent of the U.S. electric power industry. We also have more than 65 International electric companies as Affiliate members, and more than 170 industry suppliers and related organizations as Associate members.