A $2 trillion bet on powering America

The stimulus plan might jump-start investments, which could drastically change how we use electricity.

NEW YORK (CNNMoney.com) — For years we’ve been hearing about the nation’s crumbling and outdated electricity grid.

The 2003 blackout that plunged 50 million people into darkness was a wake-up call. Then this summer T. Boone Pickens, who’s planning on investing billions in building wind farms, called for massive investments to revamp our nation’s aging grid, so that it can handle wind power distribution.


More recently, Vice President-elect Joe Biden called for a similar investment, perhaps billions, to begin work on a new “smart” electric grid to replace the nation’s old, fragmented and inefficient system, and it will likely be part of the stimulus bill expected from lawmakers in the next couple weeks.

Quenching our ever-growing thirst for ‘juice’

In 1950, 20% of the nation’s economic output was directly dependent on electricity. Now that number is 60% and rising fast, said Jesse Berst, editor of smartgridnews.com, an industry Web site. In an era of energy scarcity and global warming concerns, he said building a better grid is essential for economic growth.

“What you’re going to get is the foundation of our future prosperity. It’s what will make all the other things we want possible – renewable energy, lower rates, cleaner power.”

CNN