Smart Metering Systems
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| Public limited company | |
| ISIN | 🆔 |
| Industry |
|
| Founded 📆 | 1995 in Glasgow, Scotland |
| Founder 👔 | |
| Headquarters 🏙️ | , Glasgow, Scotland |
Area served 🗺️ | United Kingdom |
Key people | Tim Mortlock (Chief Executive Officer) |
| Services |
|
| Revenue🤑 |  £108.48m (2021)[1] |
| Members | |
Number of employees | |
| Subsidiaries |
|
| 🌐 Website | sms-plc |
| 📇 Address | |
| 📞 telephone | |
Smart Metering Systems (SMS plc) is a British energy infrastructure company that funds, installs, operates and manages smart meters and other energy and carbon reduction technologies for the industrial and commercial (I&C) and domestic markets. The company was founded in Glasgow, Scotland in 1995. As of 2022, SMS plc has around 1,200 employees.[2]
History[edit]
SMS plc was founded by Stephen Timoney in 1995, was admitted to the AIM market on 8 July 2011,[3] and is part of the FTSE AIM UK 50 Index.[4] Alan Foy was appointed Chief Executive Officer of SMS in 2007.[5] Effective 1 March 2022, Tim Mortlock, former Chief Operating Officer of SMS, has replaced Foy as CEO.[6]
Smart meter rollout[edit]
The smart metering implementation programme was 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.[7][8] SMS plc obtained a contract with British energy company E.ON UK to provide smart gas meters for both domestic and business customers in 2012.[9] SMS also acquired a contract with SSE plc to supply 180,000 domestic smart meters and 200,000 SMETS2 smart meters for business customers.[10][11] In 2014, SMS plc 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.[12]
Since 2016, SMS has served as the Meter Asset Provider (MAP) of Shell Energy (previously First Utility), and became its fully-integrated smart meter installer and operator in 2018 - an exclusivity deal which was renewed in December 2021 for a further four years.[13] SMS plc also signed agreements to provide domestic smart meters for six independent energy suppliers, including RHE, GEUK, Flow Energy, Spark Energy, Our Power, and green energy provider Ecotricity.[14][15] In 2019, SMS acquired a new contract with renewable energy company Octopus Energy to supply 200,000 domestic SMETS2 meters.[16]
The UK’s smart meter rollout programme received criticism in 2018 due to installation delays,[17] because only 12.8 million out of the proposed 53 million smart meters had been installed to date.[18] Criticism included a report from the British Infrastructure Group, who raised concerns over the continued use and installation of obsolete SMETS1 meters.[19]
In 2019, the Government delayed the 2020 smart meter rollout deadline to 2024.[20] 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.[21]
SMS plc sold a stake in its customer assets portfolio for £291 million in 2020, to pay off debts and increase its annual dividend.[22] It also began construction on its first battery energy storage project as part of its smart grid service, with the development of a 50MW battery storage site in Burwell, Cambridgeshire, and another 40MW site in Barnsley, Yorkshire.[23][24]
In 2021, SMS plc set a company net zero carbon target of 2030.[25] SMS also expanded into behind-the-meter energy technology, launching its first solar PV and battery storage solution to the UK social housing market.[26]
Acquisitions[edit]
UPL[edit]
SMS plc made its first acquisition in April 2014, taking over electricity metering and energy consultancy Utility Partnership Ltd (UPL) for £14 million.[27]
CH4, Trojan Utilities and Qton[edit]
In 2016, SMS plc acquired three businesses to expand its range of services at a cost of £455,000. This included smart meter installation businesses, CH4 Gas Utility and Maintenance Service Ltd, and Trojan Utilities Ltd, as well as field services software and data security firm, Qton Solutions Ltd.[28]
Solo Energy[edit]
The company entered the virtual power plant sector in March 2020, following the acquisition of Irish energy tech start-up, Solo Energy.[29]
Operations[edit]
Smart metering and energy data[edit]
SMS plc provides smart metering and data services to customers within the industrial, commercial and domestic markets. In August 2020, SMS plc installed the first domestic three-phase SMETS2 meter in the UK, on behalf of Good Energy.[30]
Energy and carbon reduction[edit]
Energy and carbon reduction projects carried out by SMS plc include the installation of solar panels, heat pumps and battery storage systems in 100 council homes in Aberdeen, Scotland, for Aberdeen City Council in 2021.[31][32] SMS plc are also part of the £28.5 million ReFLEX (Responsive Flexibility) Orkney project in Orkney, Scotland.[33] This project is to develop a Virtual Energy System, digitally linking distributed and intermittent renewable generation to flexible demand, with the aim of fully decarbonising the island and establishing a fully sustainable and flexible local energy system on the island by 2030.[34]
Energy storage and infrastructure[edit]
In March 2020, SMS signed a partnership deal with Columbia Threadneedle European Sustainable Infrastructure Fund to develop its EV charging points and other efficient energy systems.[35] In August 2020, it was appointed as a supplier of EV charging solutions for the UK’s public sector by the Crown Commercial Service. As part of the Virgin Media Park & Charge (VPACH) project, the company is also managing the installation of 1,200 EV chargers across the UK.[36] In February 2021, SMS began construction of a 50MW battery storage development in Burwell, Cambridgeshire, marking its entry into the grid-scale energy storage market.[37] Work on a second site in Barnsley, South Yorkshire, to establish an additional 40MW of capacity is also underway.[38]
See also[edit]
- Green electricity in the United Kingdom
- Energy policy of the United Kingdom
- Energy use and conservation in the United Kingdom
- Big Six energy suppliers
- Smart meters
References[edit]
- ↑ "Full year results March 2022" (PDF). SMS plc. 15 March 2022. Retrieved 20 June 2022.
- ↑ Williamson, Mark (16 March 2022). "Glasgow-based Smart Metering Systems grows profits by 20%". The Herald. Retrieved 20 June 2022.
- ↑ "Smart Metering Systems firm to float on AIM market". BBC News. 24 June 2011. Retrieved 20 October 2021.
- ↑ "DC Advisory advised Equitix on the acquisition and financing of Crail Meters Limited from SMS plc". DC Advisory. 5 May 2020. Retrieved 20 June 2022.
- ↑ Wright, Scott (5 May 2018). "Smart Metering chief nets £14.4m from sale of shares". The Herald. Retrieved 20 June 2022.
- ↑ "Smart Metering : Tim Mortlock appointed as CEO of SMS". MarketScreener. 28 January 2022. Retrieved 31 January 2022.
- ↑ "Policy paper: Smart Metering Implementation Programme" (PDF). GOV.UK. 11 December 2012. Retrieved 11 January 2022.
- ↑ "Policy paper: Smart Meters Programme" (PDF). GOV.UK. 10 May 2013. Retrieved 11 January 2022.
- ↑ "Meter firm SMS signs deal with energy giant E.ON". BBC News. 6 November 2012. Retrieved 29 October 2021.
- ↑ "Meter firm SMS reports surge in profits and turnover". BBC News. 21 March 2013. Retrieved 29 October 2021.
- ↑ Gourley, Perry (18 March 2019). "Smart Metering Systems does deal with SSE to install 200,000 units for business customers". BusinessInsider. Retrieved 29 October 2021.
- ↑ McCulloch, Scott (23 July 2014). "Scottish utility metering firms win major contracts with British Gas Business". BusinessInsider. Retrieved 29 October 2021.
- ↑ Lempriere, Molly (21 December 2021). "Shell Energy and SMS extend smart meter exclusivity agreement". Current News. Retrieved 4 January 2022.
- ↑ Stoker, Liam (18 January 2016). "SMS celebrates five domestic smart meter contract wins". Current News. Retrieved 23 July 2021.
- ↑ Cuff, Madeleine (24 March 2016). "Smart Metering Systems wins Ecotricity smart meter contract". BusinessGreen. Retrieved 29 October 2021.
- ↑ "Glasgow's SMS reels in Octopus smart meter contract". The Scotsman. 17 January 2019. Retrieved 30 July 2021.
- ↑ "Smart meter deadline 'should be extended'". BBC News. 10 August 2018. Retrieved 11 January 2022.
- ↑ "Policy paper: Smart Metering Implementation Programme: progress report 2018". GOV.UK. 20 December 2018. Retrieved 11 January 2022.
- ↑ "Not So Smart" (PDF). British Infrastructure Group. July 2018. Retrieved 11 January 2022.
- ↑ Gompertz, Simon (17 September 2019). "Smart meter rollout delayed for four years". BBC News. Retrieved 11 January 2022.
- ↑ "Consultation outcome: Smart meter policy framework post 2020: minimum annual targets and reporting thresholds for energy suppliers" (PDF). GOV.UK. 20 November 2020. Retrieved 14 January 2022.
- ↑ Burley, Hannah (12 March 2020). "Glasgow's Smart Metering Systems sells £291m of customer assets to pay off debt". The Scotsman. Retrieved 30 July 2021.
- ↑ Lempriere, Molly (16 February 2021). "UK smart meter company SMS enters utility-scale energy storage market with 90MW portfolio". Energy Storage News. Retrieved 20 October 2021.
- ↑ Weetch, Bella (10 February 2021). "SMS begins construction of British battery storage projects". Energy Global. Retrieved 2 October 2021.
- ↑ Lempriere, Molly (23 February 2021). "SMS commits to carbon neutrality by 2030, targeting renewables and EVs". Current News. Retrieved 20 October 2021.
- ↑ Lempriere, Molly (23 March 2021). "SMS launches solar and battery storage solution Solopower for social housing". Solar Power Portal. Retrieved 16 December 2021.
- ↑ McCulloch, Scott (14 April 2014). "Smart Metering Systems acquires electricity metering firm in £14m deal". BusinessInsider. Retrieved 20 October 2021.
- ↑ McCulloch, Scott (21 March 2017). "Profits rise in 'transformational year' for Smart Metering Systems". BusinessInsider. Retrieved 20 October 2021.
- ↑ Grundy, Alice (27 March 2020). "Smart Metering Systems reveals Solo Energy acquisition as it enters VPP market". Current News. Retrieved 29 October 2021.
- ↑ Shrestha, Priyanka (6 August 2020). "Britain installs first-ever polyphase SMETS2 smart meter". Energy Live News. Retrieved 4 August 2021.
- ↑ Gerrard, Philippa (19 November 2021). "Aberdeen City Council invest in green energy tech for council houses". Evening Express. Retrieved 4 August 2021.
- ↑ Amos, Ilona (13 May 2021). "Aberdeen social housing to benefit from £5.2 million green retrofit scheme". The Scotsman. Retrieved 19 November 2021.
- ↑ "ReFLEX Orkney launches innovative green energy services for Orkney". Orkney Islands Council. 1 December 2020. Retrieved 23 November 2021.
- ↑ "Press Release: Energy System Of The Future To Be Demonstrated In Orkney". The European Marine Energy Centre. 3 April 2019. Retrieved 23 November 2021.
- ↑ "Smart Metering Systems does carbon reduction deal with investment fund". BusinessInsider. 17 March 2020. Retrieved 23 November 2021.
- ↑ Shrestha, Priyanka (18 August 2020). "Glasgow-based SMS to provide public sector EV charging solutions". Energy Live News. Retrieved 4 August 2021.
- ↑ Lempriere, Molly (10 February 2021). "SMS announces its 'arrival in the utility-scale storage market' with 90MW portfolio". Solar Power Portal. Retrieved 16 December 2021.
- ↑ Lempriere, Molly (16 February 2021). "UK smart meter company SMS enters utility-scale energy storage market with 90MW portfolio". Energy Storage News. Retrieved 16 December 2021.
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