23 Mar 2016 07:00
23 March 2016
Smart Metering Systems plc
("SMS" or "the Company")
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."
For further information:
Smart Metering Systems plc | 0141 249 3850 |
Alan Foy, Chief Executive Officer | |
Glen Murray, Finance Director | |
Cenkos Securities plc | 0131 220 6939 / 0207 397 8900 |
Neil McDonald | |
Nick Tulloch | |
Kreab | 020 7074 1800 |
Matthew Jervois | |
Natalie Biasin | |
Daniel Holgersson |
Notes to Editors
UK Domestic Smart Meter Market
The domestic smart meters project is overseen by the Department of Energy and Climate Change and aims to install smart meters in homes and small businesses across the UK by 2020.
While DECC are responsible for the overall project management and monitoring, Ofgem are responsible for ensuring customers are protected during the installation phase. Capita has been appointed as the project manager for the data communications standards and Smart Energy GB (a Government funded body) are responsible for the communications campaign.
Market size and outlook
This initiative requires every home and small business in the UK to have smart or advanced meter functionality by 2020. This will require significant investment for rolling out and replacing approximately 22 million domestic gas meters and 27 million electricity meters.
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, based in Glasgow, connects, owns, operates and maintains metering systems and databases on behalf of major energy companies. The Company provides a fully integrated service from beginning to end to cover the installation of a gas/electricity supply/connection to the procurement, installation and management of a gas or electricity meter asset to the collection and management of customer data and ongoing energy management services.
The Company has further applications for gas with its ADM™ device which allows "smart" functions such as remote reading and half-hourly consumption data to be offered to customers in addition to the normal metering services. The Company was admitted to the AIM market in July 2011 and is now part of the FTSE AIM 50 index. For more information on SMS please visit the Company's website: www.sms-plc.com.
About Economy EnergyEconomy Energy is an independent, UK-based energy supplier, serving electricity, gas and dual fuel customers. It offers simple, low-cost tariffs and aims to provide excellent customer service. To find out more about Economy Energy, visit www.economyenergy.co.uk.