UK energy is facing severe challenges. Security of supply will become precarious as our indigenous gas supplies decline and our aged nuclear and coal plants prepare for shutdown, while replacements are mired in planning and environmental obstacles. Our share of renewables is below almost all our European counterparts. Our prices have increased substantially and moved beyond our leading European neighbours. Into this battlefield rides the white knight of smart metering, with a government consultation aimed at deploying smart meters into every home by 2020. However, within a day of the announcement, it was estimated that the true cost could be at least £13.1 billion, not the suggested £7 billion to £9 billion. This would virtually wipe out the projected benefits. Is smart metering a white knight or a white elephant?
What are the white knight's credentials? Consumers will be able to reduce cost and CO2 emissions by as much as 15 per cent. The energy companies will save money by consigning meter reading to history and dramatically simplifying billing and settlement. Most radically, if smart meters are used to develop a smart grid, energy companies will be able to manage demand in real time, avoiding spikes in usage and reducing the number of power stations that we must build to stave off blackouts.
However, there are several white elephants in the smart meter room. Will this really change long-term consumer behaviour? Will people switch off every standby appliance every night to save £30 a year? Would an energy display on the fridge without the meter achieve the same savings at 5 per cent of the cost? Would the money be better spent on loft insulation and double-glazing subsidies?
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