Investing Recovery Act - NV Energy
The Department of Energy awarded a Smart Grid Investment Grant worth $137.9 million to NV Energy for a comprehensive smart grid project that will integrate various technologies including smart meters, dynamic pricing, customer communications, grid monitoring, distribution automation, distributed renewable and electric vehicles. The project will help NV Energy manage its electric system more efficiently and enable customers to more actively manage energy use. The funding help NV Energy to employee 15 people and eventually NV Energy estimates the project will create about 500 temporary and 45 permanent jobs.
NV Energy is listed on NYSE under the symbol NVE. For the past 52 weeks shares of NVE were traded between the $11-$13 range and is currently trading at $12.99 per share. With market cap of $3.05 billion, NVE is a relatively slow moving stocks. The stock is a great defensive investment option with its low volatility and dividend yield of 3.4%. The technical chart shows NVE is still on the uptrend and now that the price is back near the 50 day moving average we should expect the stock to go back up again.