SaskPower has reached an agreement with Sensus to recover the $47 million cost associated with the removal of smart meters.
SaskPower will receive a $24 million cash refund from Sensus for all of the meters SaskPower had purchased both those that were already installed and are now being removed and those that had not yet been installed.
SaskPower will receive an additional $18 million credit from Sensus for future metering products. Sensus will invest $5 million towards research and development of a next generation meter that meets SaskPowers specific needs. The new meter will meet Underwriters Laboratories UL standards and pass safety verification by an independent third party to ensure the meters function safely in Saskatchewan.
We are committed to developing a smart grid that will serve the unique needs to our province and support our unprecedented economic growth, SaskPower President and CEO Robert Watson said. A smart grid will bring significant benefits to our customers, including faster restoration of service following an outage, reduced carbon emissions and more timely and accurate billing.
SaskPower is continuing to remove the smart meters that have already been installed and expects to have all of the smart meters removed by the end of this year. There will be no impact on rates for Saskatchewan customers as a result of the current residential meter exchange program.