Oct 27, 2009 4:10 pm US/Eastern
Obama Pledges $3.4B For National Grid Upgrade
Obama Compared The Effort To The National Highway System Development 50 Years Ago
ARCADIA, Fla. (CBS) ―
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President Barack Obama speaks during a visit to the DeSoto Next Generation Solar Energy Center October 27, 2009 in Arcadia, Florida. Obama announced 3.4 billion dollars in goverment support for modernizing the U.S. Power grid.
Zach Boyden-Holmes /Getty Images
President Barack Obama made a pitch for renewable energy Tuesday, announcing $3.4 billion in government support for 100 projects aimed at modernizing the nation's power grid.
The President toured a solar power station west-central Florida during his third stop on a two-day trip across the state, reports CBS station WFOR-TV.
There, he announced $3.4 billion in spending for the nation's power transmission system, comparing the effort to the ambitious development of the national highway system 50 years ago. The money comes from the $787 billion economic stimulus package Congress approved earlier this year. The money will be matched by industry and will pay for 100 projects aimed at upgrading the power grid.
Projects include installing "smart" electric meters in homes, automating utility substations, and installing thousands of new digital transformers and grid sensors.
President Obama hopes to give a jolt to the futuristic "smart" electric grids by visiting a solar energy facility in Arcadia where he will announce that he is making $3.4 billion in government support available for 100 projects aimed at modernizing the power grid. The projects include installing "smart" electric meters in homes, automating utility substations, and installing thousands of new digital transformers and grid sensors.
Officials have argued that a more modern grid is needed to give consumers better control over their electricity usage and costs, and to spur development of renewable energy sources such as wind and solar.
The $3.4 billion in grants from the government's economic stimulus program will be matched by $4.7 billion in private investments, the officials said. The smallest grant will be $400,000 and the largest $200 million.
On Monday evening, Obama delivered remarks at a Democratic reception and dinner at the Fontainebleau Hotel in Miami.
During his speech at the reception, the President said America has no choice but to overhaul the health care system to make insurance cheaper for families, businesses and the government. He predicted success, but warned that major industries such as insurance companies will fight hard to prevent it.
"It's going to get harder," the president told about 200 people who paid $500 each to greet him at a reception. "Now's the time when all the special interests are saying, 'Oh, this is really going to happen, we might lose some of our profits.' And they start paying big lobbyists, and they start twisting arms."
Mr. Obama's speech came a few hours after Senate leaders endorsed legislation that would add a publicly run health insurance plan for Americans, with states having the right to opt out. Obama did not mention the Senate action, but said a health care overhaul is closer than ever.
The president said health insurance premiums doubled in the past decade and will do so again in the next 10 years if nothing changes.
Obama made similar remarks moments later at a dinner where more than 100 people paid $15,000 each for a seat. House Speaker Nancy Pelosi also addressed both groups. The money will be used for Democratic House and Senate races next year.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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