This just in from Baltimore Gas and Electric:

BALTIMORE (July 10, 2009) - Baltimore Gas and Electric Company (BGE) today announced that it will hold a press conference to unveil plans for one of the most advanced Smart Grid initiatives in the nation, highlighted by the planned installation of 2 million residential smart meters throughout the BGE service territory and anticipated cost savings for BGE gas and electric customers in excess of $2.6 billion over the life of the project.

The presser is Monday. If these really are smart meters, they'll offer the option of "real time" pricing for residential users, letting them refuse the most expensive kilowatts during the day and passing along most of the huge savings available for offpeak, nighttime use. BGE's "time of use" plan, as presently designed, doesn't pass along enough of the offpeak savings.

The $2.6 billion in projected savings, which would be achieved by using less electricity as well as through prices lower than they otherwise would have been, may be optimistic. Does it include the cost of the meters, which will be considerable? We'll find out Monday.