Smart Metering Systems plc (AIM: SMS.L) (“SMS”), 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 five framework agreements with independent energy suppliers including RHE, Green Energy, Flow Energy, Spark Energy and Our Power.
Under the terms of the agreements, which are non-exclusive, SMS will provide domestic smart meters 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. 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 suppliers with whom SMS has contracted thus far for the domestic smart rollout currently provide services to 386,000 homes in the UK market.
The funding of the domestic smart meters will be within SMS’ existing club banking facility and on the same terms.
Larger businesses in the industrial and commercial (“I&C”) market are subject to separate regulations and are already using advanced metering solutions. As at 30 June 2015, SMS’s gas meter portfolio was 661,000 meters, including 89,000 I&C meters and its electricity portfolio was 19,700 I&C meters with a further 116,643 meters under management.
The Company expects to issue a trading update for the 12 months to 31 December 2015 on 30 January 2016.
“We are delighted to be working with these new independent suppliers who are part of the fastest-growing segment of the retail energy supply and currently supply 386,000 homes across the UK. We continue to pursue other opportunities for the rollout of domestic smart meters between now and 2020. SMS is well positioned for this new market segment with a strong track record to date building out our order book in the I&C and domestic markets.”Chief Executive Officer
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
Kreab 020 7074 1800