Three Virginia energy companies will receive money from the economic recovery package to develop new technologies that will reduce energy costs and create jobs.  

Two member-owned electric co-ops will receive a portion of the $3.4 billion investment from the economic recovery package to help modernize the nation's electric grid.  

• The Rappahannock Electric Cooperative in Fredericksburg will receive $15,694,097 in Recovery Act funding to implement digital improvements and upgrades in communication infrastructure, advanced meters, cyber security equipment, and digital automation to reduce peak demand and improve system reliability.
• The Northern Virginia Electric Cooperative in Manassas will receive $5 million to expand substation and distribution automation and control, including adding a new two-way communication infrastructure to the existing fiber optic and microwave communications, which will improve system reliability and reduce peak demand.

The Treasury Department also announced yesterday that American Municipal Power, Inc., will receive a $29 million in Clean Renewable Energy Bonds, known as CREBs, for financing of a solar energy project in the City of Danville and Pittsylvania County. When completed, this solar project could provide up to six-megawatts of daily power for the regional transmission grid.

The power company is one of 805 companies across the U.S. that will share in $2.2 billion in Clean Renewable Energy Bonds (CREBs). These bonds, funded by the Energy Improvement and Extension Act of 2008 and the American Recovery and Reinvestment Act of 2009, function as tax credit bonds, allowing investors to receive federal tax credits in lieu of the payment of 70 percent of the interest on the bonds.