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Investment in a smart grid would produce quick returns by making national electricity infrastructure more reliable and reducing the number of blackouts. One such event in Silicon Valley totaled $75 million in losses, and the Northeast blackout of 2003 resulted in a stunning $6 billion economic loss to the region.36 Furthermore, developing a nationwide smart grid will lower the price of electricity by allowing the market to function more efficiently. Utilities would be able to trade nationwide and put their plants’ idle capacity to productive use. For example, the capital- related cost of electricity would decrease by 20 percent if plants connected to a smart grid were fully used up to 15 hours a day, instead of 12.37 Nationwide trading of electricity would also allow utilities to rely less on expensive natural gas, which currently powers the majority of plants that come online as demand peaks. When and where a grid pools demand enough to let cheaper fuels displace more expensive ones, the cost of electricity can be cut by as much as 40 percent.38 A smart grid will further reduce the cost of electricity by allowing investors to “site new plants where they are welcome, where land is cheap, where environmental objectives can be attained at the lowest cost, and where renewable energies are readily available.”39 In fact, a smart grid is necessary to maximize the full potential of renewable sources of energy. Without modern transmission technology, wind or solar energy harvested offshore or in the heartland will never reach the population centers of the East or West Coasts. Similarly, the market for hybrid and electric cars will grow more slowly if the infrastructure that delivers fuel for these vehicles is not strengthened considerably. The development of a smart grid is thus a major factor in keeping American companies competitive in the global market place. According to a report published by the GridWise Alliance in January 2009, a federal investment of $16 billion over the course of four years would spur $64 billion in private investments in the smart grid sector and create as many as 280,000 new jobs. Energy Independence and National Security The development of a smart grid will drastically improve U.S. national security. Right now, the contemporary grid’s centralized structure leaves the country “open to attack,” according to the DOE:40 “The interdependencies of various grid components can bring about a domino effect – a cascading series of failures that could bring our nation’s banking, communications, traffic, and security system ... to a complete standstill.” The smart grid will also reduce the country’s dependence on foreign oil by enabling the expansion of the plug-in hybrid and electric car market. With the advent of these vehicles, electricity will begin to squeeze oil out of the transportation sector, allowing the United States to focus on abundant energy, which it can readily produce at home. 93PDF Image | Shaping Energy Technology Transition
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