New domestic smart meter contract win with Economy Energy
Smart Metering Systems plc (AIM: SMS.L), the integrated metering services company that connects, owns, operates and maintains current generation and new advanced metering assets and databases, is pleased to announce that it has signed a framework agreement with Economy Energy Ltd, the UK-based energy supplier serving electricity, gas and dual fuel customers, as its preferred domestic smart meter service provider.
Under the terms of the agreement, SMS will install, own and manage around 100,000 domestic smart meters as part of the UK Government programme, overseen by the Department of Energy and Climate Change, requiring every domestic energy supply company to provide all of their customers with a smart meter in homes and small businesses across the UK by 2020. Energy suppliers will be required by regulation to appoint a MAM (Meter Asset Manager) in respect of these assets, and SMS is one of only four market participants currently performing that role.
The meters will be funded by SMS’ current revolving credit facility which was increased from £105m to £150 million in March 2016.
Angela Beardsmore, COO of Economy Energy, said:
“It’s an exciting time for Economy Energy as we embark on the biggest metering project in our history, and we’re confident that SMS has the expertise and experience to help us deliver our ambitious plan. We’ve already started to roll out our smart meter programme as part of a trial with a social housing provider, and SMS has been a key partner in this project. Smart meters will help change the way people use their energy forever, so we’re pleased to be working with a provider that is able to support the installation of this developing technology and help us continue to achieve our aim of delivering a great customer service.”
Alan Foy, Chief Executive Officer of SMS, commented:
“We are delighted to be working with Economy Energy who are part of the fastest-growing segment of the retail energy supply market, and we will continue to pursue opportunities for the rollout of domestic smart meters between now and 2020. SMS is well positioned for this new market with a strong track record building out just under 1 million meters and data assets to date from our order book in the Industrial and Commercial (I&C) and domestic markets.”
