Smart metering

CMS advises on all sides of the metering supply chain – from energy suppliers to MAPs, and funders to equity investors - giving us a 360 degree view on the smart metering contractual matrix in the UK. Our experience means we can guide our clients through the market structure and key issues when considering any kind of smart metering arrangement or transaction.

Selected relevant experience includes advising:

M&A

• Calvin: a bidder on its bid to acquire Calvin Capital, including detailed review of the meter rental and meter supply agreements and advising on the competition and financing considerations.
• Foresight: a bidder on its bid to acquire Foresight Metering Limited.
• MAP: a bidder on its bid to acquire a MAP from an energy supplier, including considering the meter supply, installation and meter rental arrangements with the incumbent supplier and related interfacing issues, as well as the existing asset financing that the target company had in place.
• SMS: a bidder on its bid to acquire a tranche of I&C meters from SMS plc;

Retailers

• a “Big Six” energy supplier on the regulatory requirements in relation to the mass rollout of smart metering in the UK, including in relation to the supply and distribution licence conditions, the Smart Energy Code and the Smart Meter Installation Code of Practice.
• ESB Energy Limited on the negotiation of its smart and traditional metering contracts with two different MAPs.
• So Energy on its smart metering programme.
• iSupply Energy on its smart metering programme.
• a proposed investor on its acquisition of a stake in two independent energy suppliers, including particular consideration of such supplier’s smart metering arrangements with various MAPs.

Financing

• MapleCo: advice on setting up and financing of MapleCo, the MAP joint venture between SSE, Borealis Infrastructure and Ontario Teachers’ Pension Plan.
• Lloyds Bank on a review of meter rental contracts with circa 30 energy suppliers and the preparation of financing documents for the purposes of the grant of new facilities to Utility Funding Limited.
• Foresight: the funders for the successful bid for Foresight Metering Limited.

Contractual arrangements

• Smart Metering Systems plc on its IPO and placing on AIM, the acquisition of Utility Partnership Limited and various commercial contracts relating to meter rental and installation of smart meters
• SSE Supply (now OVO) on its Meter Rental Agreement (and associated contracts) for the procurement of a tranche of circa 2.7 million smart meters