Obama to detail stimulus spending on 'smart grid'

President Obama and administration officials today will announce $3.4 billion in spending projects to modernize the nation's electric power system.

The president will offer details on funding for the "smart grid" during an appearance at a solar plant in Arcadia, Fla. White House officials said the projects would create tens of thousands of jobs in the near term and lay the groundwork for changing how Americans use and pay for energy.

The spending is aimed at improving the efficiency and reliability of the U.S. power supply, and helping to create markets for wind and solar power, officials said. They also said it would create "smart meters" to help consumers use electricity when demand is low and when rates are cheaper -- for example, by running dishwashers and other energy-thirsty appliances in the middle of the night.

The money will be released in the form of grants to applicants and must be matched dollar-for-dollar by private funding.