Expectations from smart meters-A utility perspective

Undoubtedly, the energy meters have the most important role in power distribution business. As entire revenue generation is coming out of energy recorded by an energy meter and it is essentially the cash box of energy distribution business. Smart electricity meters are a central module of the smart grid, facilitating automated assortment of periodic (usually every 15, 30 minutes or hourly) consumption data. This enables active electricity pricing stratagems, in which consumers can be charged greater rates during peak times to aid in reduction of peak load. In addition, smart meter data analytics, which targets to benefit utilities and consumers comprehend electricity consumption patterns, has become a dynamic space in exploration and industry. According to a latest report, utility data analytics is now a billion dollar marketplace and is anticipated to rise to almost 4 billion dollars by year 2020. A variety of smart meter analytics algorithms have been proposed, mainly in the smart grid literature, to predict electricity consumption and enable accurate planning and forecasting, extract consumption profiles and provide personalized feedback to consumers on how to adjust their habits and reduce their bills, and design targeted engagement programs to clusters of similar consumers.