The article in today’s FT on the recent National Audit Office report on Smart Metering only goes to strengthen my views on this subject (see Smart Meter Madness (4) and work backwards). According to the NAO, the UK rollout of smart meters “would save a typical dual fuel customer £1.92 a month, assuming that the householder’s use of gas and electricity falls in line with predictions”. A princely sum indeed. And note the caveats – dual fuel customers and a fall in gas and electricity prices.
Now look, I am not saying smart meters aren’t a great thing for the energy suppliers. But the suggestion that any cost reduction they achieve by eliminating (eventually) ‘feet on the street’ meter readers, and by being able to micro-manage supply, will then be passed to consumers is just pipe-dream stuff. And by the way, the responsibility for ‘smarter’ energy consumption in the household is really up to the consumer and to the appliance manufacturers, not the energy suppliers.
I still question whether this UK-wide ‘tech project’ will deliver any of the benefits that are being promised given our appalling track record in other sectors. But, as I say, smart meters probably are ‘a good thing’ – but let’s keep any discussions of the expected benefits within the realms of reality.