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What is a smart meter and how does it work?

Smart meters replace traditional gas and electricity meters and help create a smarter and more sustainable energy system.

A smart meter records your energy consumption and uses the latest technology and secure radio networks to automatically record your meter readings and automatically transmit them to your electricity supplier. Plus, on your smart home screen (often referred to as your Smart IHD or Smart Energy Monitor), you can see in near real time how much power you're using to keep your power consumption low.

What are the advantages of smart meters?

There are currently over 22.2 million advanced smart meters installed in homes and small businesses in the UK1 and installing a smart meter in your home has many benefits:

Automatic and Accurate Meter Readings:  With a smart meter, you no longer have to think about reading your meter. Instead, your smart meter will automatically send accurate meter readings to your power source.

Improve your energy habits: By seeing how and where you use the most energy in your home, you can change your energy habits to save energy and money. In fact, 73% of people equipped with smart meters have taken at least one other energy saving measure since they received a smart meter2.

Better overview of your energy bills:  You can see how much energy you are using in pounds and cents so you can keep track of what you are spending. And you can even set budgets to make sure you don't spend more than you want.

Reduce your CO2 emissions: In addition to keeping track of your energy consumption, you can also see how much CO2 you are generating and when you are on your smart home screen. Knowing which of your devices and appliances contribute the most to your carbon footprint can help you change the way you use energy to make your home more sustainable.

Track and Compare Your Energy Use: With a smart meter, you can track your energy use today, this week, this month, or this year by pressing the Calendar button on your smart home screen. You can also compare the energy consumption of the previous week or month with the consumption of this week or this month.

Are there possible downsides to smart meters?

There have been many reports on the downsides of smart meters, but they are not. Here are some common myths about smart meters.

Some people are concerned about the security of their data, but the communications network that transmits the data from your smart meter uses a secure technology similar to that used in the banking industry. In addition, no personal data is sent and you determine how often and with what details your data is sent.

Remember that a smart meter will not save you money or energy, but it can help you monitor and manage your energy use and costs, and give you the information you need to decide on home energy consumption and see where you can make changes.

You may be worried about the time it takes to install a smart meter. But installing a smart meter is quick and easy; In fact it only takes one hour for one of our trained specialist technicians to install your smart meter. In fact, the benefits they provide help make our energy system more sustainable for future generations.

Smart meters can help you better control your energy consumption, make your home more sustainable and lower your energy bill. In fact, 62% of people with a smart meter would recommend buying a smart meter3.

But not only single homes can benefit from smart meters. Smart gauges are also quietly helping to revolutionize and modernize Britain’s energy system. With a modern grid we can know where and how energy is used, and we will be able to better meet the needs of homes across the UK. In addition, as a country, we are becoming less dependent on fossil fuels and more on renewable energy sources.

Energy prices have been rising lately. Regulator Ofgem has increased the maximum price (the maximum sellers can charge a standard rate) by £139 per year, and many sellers are raising their own prices. The costs for the purchase of the energy and gas supplied by your supplier have increased. There are many factors behind this high cost, but here are some of the main issues that we briefly discuss.

Five nuclear reactors are currently offline, but only two are planned.

 High gas prices

First, gas prices have risen. Summer is a time when most countries replenish their gas storage facilities, ready for winter use. In Europe, this is partly dependent on gas supplies from Russia, which currently supplies much less than usual due to competition from other markets in Asia. This affects gas prices for consumers, but also electricity prices, as much of the UK's energy is currently produced by gas-fired power stations, which in turn affects the entire market.

Low wind power

As widely reported, winds in September have always been mild so far, which is drastically different from the previous five years. The National Grid anticipates such situations and would normally use many other generators, but for now, it's not that simple.

Missing generators

At the time of writing, more than 17 gigawatts (GW) of electricity generation is decoupled, representing 22% of the UK's total fleet. This is partly due to planned maintenance, but many coal, gas and nuclear power plants experience unplanned outages. Five nuclear reactors are currently offline, but only two are planned. A fire broke out on Wednesday morning at the facility, which operates an interconnector in Kent - a high-voltage cable that carries electricity between Britain and France.

All of this means margins are lower and nearly all available production is needed to meet demand. It will always mean prices are higher, but some manipulate the situation to maximize profits. Producers must declare their planned production in advance to National Grid, and some fossil power plants use this process to take advantage of high premiums, charging up to £4,000 per MWh during periods of high demand. In this context, the typical consumption of UK households is just under 3 MWh per year.

What does this mean for customers?

All of this means that if a utility company has not yet purchased the electricity that its customers are likely to consume, known as coverage, it will have to pay these exceptionally high prices, up to ten times the old average. Decade. Providers have traditionally used riskier approaches in this regard to deliver very low rates of rapid growth. However, if these customers receive a standard variable rate limited by Ofgem's price cap or a fixed agreement, providers will not be able to offset these costs now.

The consequences are clear: in the last few weeks, four energy companies went bankrupt and more than half a million customers were left without suppliers. There will probably be more.

90% of businesses do not pay attention to how much they are spending on energy, and these costs might be significant. From running gas ovens to operating large scale ventilation systems, businesses generally think that they do not have options.

For one, running heavy loads during off peak hours could significantly reduce costs. The amount of electricity consumed is not going to change, but the cost of it will! Off-peak price of electricity could be as much as half of that during peak hours. In fact, one of the hydro reservoirs in New York State used as a backup generator operates along similar lines. When there is a stress on the grid the water is released, and the resultant electricity is added. Then during the night the water is pumped back into the original pool, but at a lot lower cost, making it quite economical energy management system.

Another way is to compare current supply rates any business is paying to that of what is offered by alternative suppliers. The business electricity comparison gives quick and easy check of where the electric market is vs. what business is currently paying. The switch process is generally quick, simple, and could save thousands of dollars.