European Commission wants another $700 billion for smart grid upgrades
By: SGN Staff
Quick Take: If you want to follow the smart grid money, maybe you'd better start packing for Europe. - By Jesse Berst
The European Commissionâ€™s Energy Directorate just presented its estimates of the amounts spent on smart grid to date and the amounts needed to complete the job by 2030.
EC spokesperson Jan Panek gave the following update, as reported by M2M World.
Â· Invested to date: 6 billion euros including 281 R&D projects and 90 smart metering pilots
Â· Additional amount needed by 2020 for smart meters: 50 billion euros to achieve 250 million smart meters by 2020
Â· Additional amount needed by 2030 for further grid modernization: 480 billion euros
Add it all up and it comes close to $700 billion, depending on the exchange rate.
Panek was presenting at one of the many events during last month's Sustainable Energy Week. Other presentations provided progress updates and further insight into European opportunities. For instance, of the eight smart metering pilots and projects underway, powerline carrier is the dominant communications technology. All the projects also included both cybersecurity and demand response technologies.