Huge smart meter change could 'lower energy bills' next month in major shake-up

dailyrecord.co.uk:

Smart meters are set to get a major update in just a few weeks that could lower energy bills. The energy regulator Ofgem is being given new powers in May meaning it could change the way smart meters operate by 2025.

Information about your energy usage is currently sent once a month at default.But Ofgem wants to change this so that data is sent to suppliers every 30 minutes.

The change means your smart meter will send out updates, and change your energy prices, as much as 48 times a day.It comes as homeowners are paying more than 50 per cent more a year as energy bills have skyrocketed due to the price of wholesale gas.The move also means suppliers will be able to bill more accurately, meaning customers won't have to make payments based on overestimates.The idea is that the shake-up will pave the way for "time of use" tariffs, which would charge customers different amounts at peak and off peak times.Ofgem is expected to be granted the new smart meter powers in May - so from just over three weeks time - according to a timeline already published by the regulator.The new rules are then expected to be implemented by 2025.Ofgem has previously said surge pricing will lead to savings for customers, as long as they shift their usage to quieter times.But households who use energy in peak times, such as doing their washing in the early evening, could be charged more.Most households are currently on tariffs that charge a flat rate, regardless of what time you use energy.Some consumers with smart meters can already access “time of use” tariffs - but they must “opt in” to half hourly updates.This isn’t a default setting, which is what Ofgem wants to introduce.Customers who do not want to share this data will have to ask to "opt out"