TIDMSMS
RNS Number : 7550B
Smart Metering Systems PLC
21 June 2016
21 June 2016
Smart Metering Systems plc
("SMS" or "the Company")
New domestic smart meter contract win with largest independent
UK energy supplier
Contract with First Utility Limited
Smart Metering Systems plc (AIM: SMS.L), the integrated metering
services company that connects, owns, operates and maintains over
one million current generation smart meter and data assets in the
UK, is pleased to announce that it has signed a framework agreement
with First Utility Limited ("First Utility"), the largest
independent UK-based energy supplier serving electricity, gas and
dual fuel customers, as its preferred domestic smart meter asset
provider.
Under the terms of the non-exclusive agreement, SMS will provide
domestic smart meters to First Utility customers as part of the UK
Government programme, overseen by the Department of Energy and
Climate Change, requiring domestic energy supply companies to
provide all of their customers with a smart meter in homes and
small businesses across the UK by 2020.
First Utility currently supply energy to circa one million homes
in the UK. Under the terms of the agreement, SMS will, over the
next 18 months, gain ownership of up to 150,000 domestic dual fuel
smart meters. The meters will be funded by SMS, supported by its
revolving credit facility.
To date, suppliers with whom SMS has contracted for the domestic
smart rollout currently provide services to 1,549,000 homes in the
UK market.
Phil Gripton, Chief Operating Officer of First Utility,
said:
"We are pleased to establish our partnership with SMS as part of
our commitment to the Smart metering programme. We are confident
that working hand in hand with SMS will support First Utility's
ambitions in the next phase of our Smart meter rollout. SMS bring a
wealth of knowledge and experience which we believe will support
the successful deployment of this technology into our customers'
homes."
Alan Foy, Chief Executive Officer of SMS, commented:
"We are delighted to be working with First Utility, the largest
independent energy supplier in the UK in the rollout of their smart
meter programme between now and the end of 2020. SMS is well
positioned for this new market with a strong track record for
customer services and asset ownership and management. This is
exemplified by the recent acquisitions of Trojan Ltd and CH4 Ltd
who have installed over 400,000 domestic smart meters to date for
energy suppliers, and Qton Ltd whose market leading meter field
force installation and management software services has overseen
over one million meter installs so far."
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 homes and small businesses in the UK to
have smart or advanced meter functionality by 2020. Over 3 million
have already been installed across the UK. 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, headquartered
in Glasgow, and also based in Livingston, Cardiff, Cambridge,
Bolton, Doncaster, Rugby, and Normanton, connects, owns, operates
and maintains metering systems and databases on behalf of major
energy companies.
The Company provides full infrastructure design, installation,
consultancy and project management services for new gas,
electricity, water and telecoms connections for licenced energy and
telecoms suppliers, end consumers and the UK's licensed electricity
Distribution Network Owners (DNO's). The Company's full end to end
energy services and consultancy business support large blue chip
companies in the UK, as well as in Europe through its office in
Milan.
The patented "plug and play" ADM(TM) device is deployed to
approaching 100,000 industrial and commercial meters in the UK,
which then delivers remote meter reading and half-hourly
consumption analysis from installed gas meters with accreditation
secured for potential application to water meters.
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 First Utility Limited
First Utility, the largest of the independent suppliers, has
more than 950,000 customers - one-in-four of all non-big six
customers. First Utility continues to champion the customer in
terms of driving low prices for domestic gas and electricity for
its customers. To find out more about First Utility, visit:
www.first-utility.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTFBLLLQQFZBBD
(END) Dow Jones Newswires
June 21, 2016 02:00 ET (06:00 GMT)
Smart Metering Systems (LSE:SMS)
Historical Stock Chart
From Sep 2024 to Oct 2024
Smart Metering Systems (LSE:SMS)
Historical Stock Chart
From Oct 2023 to Oct 2024