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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.[2]
| Company type | Privately held company |
|---|---|
| Industry |
|
| Founded | 1995 in Glasgow, Scotland |
| Headquarters | Glasgow, Scotland |
Area served | United Kingdom |
Key people | Tim Mortlock (chief executive officer) |
| Services |
|
| Revenue |  £108.48m (2021)[1] |
| Parent | KKR |
| Subsidiaries |
|
| Website | www |
History
editSMS was founded by Stephen Timoney in 1995 and is part of the FTSE AIM UK 50 Index.[3] Effective 1 March 2022, Tim Mortlock, former chief operating officer of SMS, is chief executive officer.[4]
Smart meter rollout
editIn 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.[5] 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.[6][7] The UK’s smart meter rollout programme received criticism in 2018 due to installation delays,[8] after only 12.8 million out of the proposed 53 million smart meters had been installed to date.[9] Criticism included a report from the British Infrastructure Group, which raised concerns over the continued use and installation of obsolete SMETS1 meters.[10]
In 2019, the Government delayed the 2020 smart meter rollout deadline to 2024.[11] 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.[12]
SMS sold a stake in its customer assets portfolio for £291 million in 2020.[13]
Acquisitions
editIn April 2014, SMS acquired Utility Partnership Ltd (UPL) for £14 million,[14] followed by CH4, Trojan Utilities and Qton in 2016 for £455,000 and Irish tech startup Solo Energy in 2020.[15][16]
See also
editReferences
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.
- ^ "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.
- ^ "Smart Metering : Tim Mortlock appointed as CEO of SMS". MarketScreener. 28 January 2022. Retrieved 31 January 2022.
- ^ McCulloch, Scott (23 July 2014). "Scottish utility metering firms win major contracts with British Gas Business". BusinessInsider. Retrieved 29 October 2021.
- ^ "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.
- ^ "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.
- ^ 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.