Google along with Goldman Sachs Group Inc. and Hearst Corporation are investing 100 million USD in Current Communications Group LLC, a company providing broadband via power lines. Source: WSJ via Reuters (Thanks Larry R.).

Google can afford to invest in a broad range of things with the money they raised from the IPO and also with the amounts they make every month. For them to invest into Internet infrastructure makes sense. If power lines will play a significant role in the future of broadband Internet is an open question.

About Current Communications:
CURRENT Communications™ integrated BPL (Broadband over Power Lines) solution delivers double duty benefits for consumers and utilities. Consumers get blazing fast Internet access and high quality voice services at all electrical outlets in the home or business. Electric utilities gain a more intelligent distribution system, including critical capabilities that enhance the security, reliability and efficiency of their networks.
More details on the Current Communications Group site.