Better control over their consumption and bills, as well as saving money are among the benefits that households are expected to gain from installing smart electricity meters.
Today, Tuesday (08.11.23) the European Investment Bank (EIB) and DEDDIE signed the contract to finance the gradual installation of smart electricity meters, through which households will have ownership of their consumption.
The systems are expected to provide real-time information to end customers, facilitate energy savings and support demand response. In addition, they will help address issues that slow down the achievement of European and national long-term energy and climate goals.
The benefits of smart meters for the consumer, according to the relevant information from DEDDIE, include:
-Transparency in consumption measurement.
-The possibility of saving by changing supplier even during the day and taking advantage of different tariffs depending on the period of use.
– Possibility to participate in the market to small producers with storage and sale of energy and to consumers with a fee for transferring consumption outside of peak periods.
Benefits are also expected for suppliers (improvement of cash flows, immediate cut-off in the cases provided for such as overdue debts, frequent measurement and issuing of bills with shorter payment times, more flexible offer packages, multi-zone pricing) and for the network: the counting, the disconnections and reconnections will be done remotely in a much shorter time, management and resolution of faults remotely and in a much shorter time, further reduction of power thefts, possibility to collect data from e.g. natural gas or water meters, etc.
For his part, the President of the EIB, Werner Hoyer, and the Managing Director of DEDDIE, Anastasios Manos, signed a 15-year loan of 150 million euros, for the installation of 3.12 million smart meters and the necessary supporting infrastructure. According to the EIB, the project is expected to be co-financed with a loan of 273 million euros from the Recovery and Resilience Mechanism (RMF) in order to cover the estimated total investment cost of 546 million euros.
“Increasing energy investment is key to improving grid reliability, harnessing the potential of solar and wind power in Greece and contributing to Europe’s energy transition,” said Werner Hoyer, President of the EIB.
“The green and sustainable future of Europe goes through projects like this. Our homes, workplaces and other buildings are among the main sources of carbon dioxide (CO2) emissions, in part due to the inefficient use of electricity. Smart meters, such as those installed by DEDDIE, will play an important role in increasing energy efficiency and preventing waste”
“The EIB has always supported the PPC Group. We welcome the investment in one of DEDDIE’s most iconic projects that will rapidly transform and modernize the Greek energy market, upgrading the electricity distribution network, paving the way for a successful energy transition. Smart meters and smart grids are essential to achieving all our energy goals. In the face of climate change, we need a more reliable network, a smarter network, now more than ever,” said Anastasios Manos, CEO of DEDDIE.