Smart Metering Systems

{{Infobox company

| industry = {{Unbulleted list|Utilities|Clean technology|Energy storage}}

| founded = {{Start date and age|1995}} in Glasgow, Scotland

| hq_location_city = Glasgow, Scotland

| key_people = Tim Mortlock (chief executive officer)

| services = {{Unbulleted list|Smart metering|Energy data|Battery energy storage|EV chargepoint solutions|Utility infrastructure|Renewable energy}}

| parent = KKR

| subsid = {{Unbulleted list|CH4 Gas Utility and Maintenance Services Limited|Qton Solutions Limited|Solo Energy Limited|Trojan Utilities Limited|UK Meter Assets Limited|Utility Partnership Limited}}

| revenue = {{increase}} £108.48m (2021){{cite web|url=https://www.sms-plc.com/media/5097/sms-full-year-results-march-2022_final-1532022-formatted.pdf|title=Full year results March 2022|publisher=SMS plc|access-date=20 June 2022|date=15 March 2022}}

| website = {{URL|https://www.smsenergy.com}}

}}

Smart Metering Systems (SMS) is a British energy infrastructure company founded in Glasgow, Scotland in 1995. As of 2022, SMS has around 1,200 employees.{{cite web |url=https://www.heraldscotland.com/business_hq/19995464.glasgow-based-smart-metering-systems-grows-profits-20/|title=Glasgow-based Smart Metering Systems grows profits by 20%|last=Williamson|first=Mark|website=The Herald|date=16 March 2022|access-date=20 June 2022}}

History

SMS was founded by Stephen Timoney in 1995 and is part of the FTSE AIM UK 50 Index.{{cite web |url=https://www.dcadvisory.com/news-deals-insights/deal-announcements/dc-advisory-advised-equitix-on-the-acquisition-and-financing-of-crail-meters-limited-from-sms-plc/#gref|title=DC Advisory advised Equitix on the acquisition and financing of Crail Meters Limited from SMS plc|website=DC Advisory|date=5 May 2020 |access-date=20 June 2022}} Effective 1 March 2022, Tim Mortlock, former chief operating officer of SMS, is chief executive officer.{{cite web |url=https://www.marketscreener.com/quote/stock/SMART-METERING-SYSTEMS-PL-8360797/news/Smart-Metering-Tim-Mortlock-appointed-as-CEO-of-SMS-37672180/ |title=Smart Metering : Tim Mortlock appointed as CEO of SMS |website=MarketScreener |date=28 January 2022 |access-date=31 January 2022}}

Smart meter rollout

In 2014, SMS obtained a contract with British Gas to manage its commercial utility metering, as well as a three-year contract to install and maintain 50% of British Gas Business’s portfolio of gas meter points.{{cite web |url=https://www.insider.co.uk/news/energy-assets-group-plc-smart-9891321|title=Scottish utility metering firms win major contracts with British Gas Business |last=McCulloch |first=Scott |date=23 July 2014 |website=BusinessInsider|access-date=29 October 2021}} This followed the smart metering implementation programme published by the Department of Energy and Climate Change in 2012 and updated in 2013, setting out the UK Government’s target of having 53 million gas and electricity meters installed at 30 million domestic properties by 2020.{{cite web |url=https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/245736/smart_meters_domestic_leaflet.pdf|title=Policy paper: Smart Metering Implementation Programme|website=GOV.UK|access-date=11 January 2022|date=11 December 2012}}{{cite web |url=https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/197794/smart_meters_programme.pdf|title=Policy paper: Smart Meters Programme|website=GOV.UK|access-date=11 January 2022|date=10 May 2013}}

The UK’s smart meter rollout programme received criticism in 2018 due to installation delays,{{cite web |url=https://www.bbc.co.uk/news/business-45127426|title=Smart meter deadline 'should be extended'|date=10 August 2018 |website=BBC News |access-date=11 January 2022}} after only 12.8 million out of the proposed 53 million smart meters had been installed to date.{{cite web |url=https://www.gov.uk/government/publications/smart-metering-implementation-programme-progress-report-2018|title=Policy paper: Smart Metering Implementation Programme: progress report 2018|website=GOV.UK|access-date=11 January 2022|date=20 December 2018}} Criticism included a report from the British Infrastructure Group, which raised concerns over the continued use and installation of obsolete SMETS1 meters.{{cite web |url=https://britishinfrastructuregroup.uk/wp-content/uploads/2018/07/Not-So-Smart-1.pdf|title=Not So Smart|website=British Infrastructure Group|access-date=11 January 2022|date=July 2018}}

In 2019, the Government delayed the 2020 smart meter rollout deadline to 2024.{{cite web |url=https://www.bbc.co.uk/news/business-49721436|title=Smart meter rollout delayed for four years|date=17 September 2019|last=Gompertz |first=Simon |website=BBC News |access-date=11 January 2022}} The Department for Business, Energy & Industrial Strategy further delayed the deadline to 2025 in November 2020, due to the impact of the COVID-19 pandemic.{{cite web |url=https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/990525/smart-meter-policy-framework-post-2020-govt-response-minimum-annual-targets.pdf|title=Consultation outcome: Smart meter policy framework post 2020: minimum annual targets and reporting thresholds for energy suppliers|date=20 November 2020|website=GOV.UK |access-date=14 January 2022}}

SMS sold a stake in its customer assets portfolio for £291 million in 2020.{{cite web |url=https://www.scotsman.com/business/glasgows-smart-metering-systems-sells-ps291m-customer-assets-pay-debt-2447870|title=Glasgow's Smart Metering Systems sells £291m of customer assets to pay off debt|last=Burley|first=Hannah|date=12 March 2020 |website=The Scotsman|access-date=30 July 2021}}

Acquisitions

In April 2014, SMS acquired Utility Partnership Ltd (UPL) for £14 million,{{cite web |url=https://www.insider.co.uk/news/glasgow-based-sms-said-maiden-9868574|title=Smart Metering Systems acquires electricity metering firm in £14m deal |last=McCulloch |first=Scott |date=14 April 2014 |website=BusinessInsider|access-date=20 October 2021}} followed by CH4, Trojan Utilities and Qton in 2016 for £455,000 and Irish tech startup Solo Energy in 2020.{{cite web |url=https://www.insider.co.uk/company-results-forecasts/profits-rise-transformational-year-smart-10067798|title=Profits rise in 'transformational year' for Smart Metering Systems |last=McCulloch |first=Scott |date=21 March 2017 |website=BusinessInsider|access-date=20 October 2021}}{{cite web |url=https://www.current-news.co.uk/news/smart-metering-systems-reveals-solo-energy-acquisition-as-it-enters-vpp-market|title=Smart Metering Systems reveals Solo Energy acquisition as it enters VPP market|last=Grundy |first=Alice |date=27 March 2020 |website=Current News|access-date=29 October 2021}}