CNBC
Summary
The Biden Administration is putting almost $3.5 billion into improving the strength and resiliency of the United States’ electric grid, government officials said on Wednesday.
The money is coming from the Bipartisan Infrastructure Law, which President Joe Biden signed in November 2021, and Wednesday’s announcement marks the first round of funding out of $10.5 billion that was allocated as part of the Grid Resilience and Innovation Partnerships (GRIP) Program to improve the nation’s electric grid.
The $3.46 billion announced Wednesday will go to 58 projects across 44 states, including some 400 microgrids across the country, the Department of Energy said.
The investments in the electric grid will get more than 35 gigawatts of clean energy onto the grid, the Department of Energy says.
The $3.46 billion in government funding announced Wednesday will be joined with $4.7 billion in investments from the private sector, bringing the total amount of catalyzed investment into the grid to $8.16 billion.
“Right now, the U.S. electric grid is the largest connected machine in the world. It’s 5.7 million miles of transmission and distribution with about 55,000 substations,” Jennifer M. Granholm, secretary of the U.S. department of energy, said on a conference call with reporters on Wednesday.
“And it needs upgrading, clearly,” Granholm said.
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