Australian power companies have been caught trying to grab an extra $500 million to pay for its smart meter roll-out.
Smart meters are being promoted s around the world, as the energy industry tries to cement the present system into place via the massive investment required to build the smart grid.
In Britain, fear is growing that the big six energy suppliers could use a roll-out of smart meter technology to “mis-sell” gas and electricity. The UK’s 53 million gas and electricity meters are to be replaced with devices that display the cost of energy being used.
In British Columbia, Canada, there is a $1bn compulsory program to roll out smart meters whihc the local Hydro company claims will save all users money. They deny that smart meters will be used to introduce “time of use” billing, but few believe them.
Australia’s Herald Sun revealed the total cost of the bungled smart meter program had soared to $2.32 billion, adding $100 a year to power bills.Power companies had wanted to increase charges by 61.7 per cent between 2011-15 but, if yesterday’s draft ruling is confirmed, the rise would be cut to 20.3 per cent, just to pay for the meters.