Smart Metering Systems PLC Domestic smart meter contract win Economy Energy (9601S)
March 23 2016 - 3:00AM
UK Regulatory
TIDMSMS
RNS Number : 9601S
Smart Metering Systems PLC
23 March 2016
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 GBP105m to GBP150 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
0131 220 6939 / 0207 397
Cenkos Securities plc 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(TM)
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 Energy
Economy 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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