23rd Jul 2014 07:18
LONDON (Alliance News) - Energy Assets Group PLC and Smart Metering Systems Group PLC said Wednesday that they have signed new contracts with Centrica PLC-owned British Gas Business.
Energy Assets Group said it has signed a strategic agreement with British Gas Business to install advanced meters for around 50% of BGB's Industrial and Commercial customers across the UK.
Under the terms of the deal the independent provider of industrial and commercial gas metering services will undertake all project management activity and provide a web-based customer interface via its 'TEAMS' project management platform. The agreement will also provide visibility and control through the industry-unique end to end electronic data, asset management, audit and control platform.
The TEAMS system will enable British Gas Business and its customers to have full project visibility, ensuring communication is clear and proactive and the necessity for customer to supplier interaction is minimised, said Energy Assets Group.
"The BGB meters will have a 20 year contracted term which allows for an annual RPI price adjustment and provides opportunity for significant future growth to the Energy Assets long-term recurring revenue portfolio," said the company in a statement.
No further financial details of the agreement were disclosed.
Also Wednesday, Smart Metering Systems said it has been awarded a new contract to install and maintain around 50% of BGB's portfolio of gas meter points following a tender process.
Smart Metering Systems will replace BGB's existing diaphragm and pulse output gas meters with Elster meters, which have an integrated data communications system. It will also install its ADM solution - which allows "smart" functions such as remote reading and half hourly consumption data - for BGB's customers to both existing and exchanged rotary and turbine gas meters.
The programme roll out is anticipated to complete by 2017, said the company. Once installed, the meters will form part of SMS's long term index linked contracts.
No financial terms of the contract were disclosed.
Shares in Energy Assets Group jumped at the open, trading 7.13% higher at 383.00 pence per share. Shares in Smart Metering Systems also rose, up 3.84% at 399.80 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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