The PRICE initiative will benefit the about 500,000 customer base of both companies living and working in the surrounding area.
The project will entail the installation of nearly 200,000 smart meters, coupled with modification work on 1,600 transformer stations to bring them in line with this new approach to distributing electricity.
The Spanish Ministry for Science and Technology, through the INNPACTO 2011 program, provided funding for the project.
The estimated cost of the PRICE smart grid project, which exceeds EUR34m, will be financed by the ministry through EUR21m in loans and EUR3m in subsidies, with Iberdrola and Natural Fenosa undertaking to fund the remaining EUR10m themselves in equal parts.
PRICE has the support of 22 members, including industrial and IT suppliers, research centres, universities and the Spanish electricity grid operator.
