Norway’s Lyse Energi is to carry out a multi-million upgrade of its electricity grid.
The work will be carried out in the Stavanger region of southern Norway in response to rapid population growth, which in turn is drawing heavily on electricity resources.
As well as connecting new customers to the network, Lyse will install bigger substations and improve the energy efficiency of its monitoring and operating system.
It will also install real-time meters in households to offer pricing services that could shift electricity consumption from peak load periods to hours of lower prices.
Funding for the project – which is scheduled to be carried out from next year until 2015 – has come in the form of a €44m ($56m) loan from the Nordic Investment Bank.
The bank’s president, Henrik Normann, said: “NIB’s loan allows much needed investments in order to sustain further economic growth in the region. Installing electricity meters may also help increase households’ awareness of energy efficiency.”