Current Group LLC has agreed to sell its existing smart-grid network in Dallas to Oncor Electric Delivery Co. for approximately $90 million. The transaction also includes the sale of some equipment. Current Group is a Germantown, Md.-based provider of broadband-over-powerline solutions, and has raised over $280 million from firms like Liberty Associated Partners, Goldman Sachs, GE Equity, EarthLink, EnerTech Capital and Hearst Corp.
Oncor Electric Delivery Company LLC and CURRENT Group, LLC announced today that Oncor has agreed to purchase CURRENT's existing Smart Grid network in Dallas, Texas as well as additional equipment for approximately $90 million. This transaction, which involves the largest broadband-based Smart Grid deployment in the world, will enable Oncor to provide Smart Grid services to up to one-sixth of its service territory. The two companies have also entered into a multi-year agreement whereby CURRENT will license its Smart Grid software systems and sell additional products to Oncor that will allow Oncor the opportunity to expand the Smart Grid network to cover up to one-half of its service territory.
“Through our use of the Smart Grid network, we have been able to detect distribution network issues before they impacted our customers,” said Jim Greer, Oncor Senior Vice President of Asset Management and Engineering. “The Smart Grid has become an integral part of our operations by providing us new and valuable real-time information on our distribution network. As such, we determined we want to own the Smart Grid network.”
The CURRENT Smart Grid