'Smart Grid' ARCADIA , FLA (Associated Press) - President Barack Obama has announced $3.4 billion in spending for the nation's power transmission system to foster new technologies. He likened the effort to the ambitious development of the national highway system 50 years ago.

Obama said modernization would lead to a "smarter, stronger and more secure electric grid."

The president made the announcement Tuesday at a solar energy facility. The money comes from the $787 billion economic stimulus package Congress approved earlier this year. The money will be matched by industry and will pay for 100 projects aimed at upgrading the power grid.

Projects include installing "smart" electric meters in homes, automating utility substations, and installing thousands of new digital transformers and grid sensors. © Copyright 2009, Associated Press