Smart Metering Systems gains 1m access points through new agreement

Smart Metering Systems (SMS) signed an exclusive agreement to install and provide meters for energy provider First Utility until 31st December 2021.

The deal will see SMS gain exclusive access to 1m meter points to exchange, fund and install domestic smart meters on behalf of First Utility as part of the department of business, energy and industrial strategy’s programme that requires energy suppliers to provide all homes and small businesses with meters by 2020.

Smart meters are electronic devices that keep track of the consumption of energy and relay it directly to energy suppliers for the purposes of monitoring and billing.

Alan Foy, chief executive of SMS, said: "We are delighted to be extending our long-term partnership with First Utility on their domestic smart meter rollout programme. First Utility have a strong track record as one of the leading challenger UK energy suppliers, and SMS are well positioned and committed to lead the delivery of benefits that smart meters bring to their significant customer base."

First Utility, which was recently acquired by Royal Dutch Shell's Shell Petroleum Company, is one of the largest challenger energy suppliers in the UK serving electricity, gas and dual fuel customers.

Colin Crooks, chief executive of First Utility, said: "The UK's national smart meter programme represents a great opportunity to transform the energy network in this country and build a platform for future innovation and long-term benefits to consumers. This partnership with SMS will extend our ability to deliver on that potential and cost effectively meet our own obligations as part of the roll out."

AIM traded company SMS also confirmed on Thursday that non-executive director Kelly Olsen, who has three decades of experience leading technology teams and business transformations, has resigned from her role in order to take on an external, full-time position.

Willie MacDiarmid, chairman of SMS, said: "The board wishes to thank Kelly for her dedication and contribution to the company during her short time with SMS, and wishes her well in her future endeavours."

SMS’s shares were up 3.37% at 552.00p at 1651 BST.