Millions of people could see their energy bills reduced due to changes to smart meters coming in next month. Regulator Ofgem is expected to be granted new powers in May which would allow it to change how smart meters operate by 2025.
Currently most customers with smart meters have a report on their usage sent to their company once per month. However, Ofgem is looking to change this so that data is sent to suppliers every 30 minutes. It would mean your smart meter will send out updates, and change your energy prices, as much as 48 times a day, reports Manchester Evening News.
According to the regulator, this could lead to energy bills which are more reflective of what people actually use. 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.
