Leading energy suppliers, namely British Gas, OVO, Bulb, E.ON, Scottish Power, and SSE, have collectively agreed to pay £10.8 million in compensation after failing to meet smart meter installation targets for the year 2022. This disappointing shortfall of 1,026,628 smart meters has prompted the companies to contribute to the Energy Industry Voluntary Redress Fund (EIVRF), overseen by Ofgem.
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The fund primarily supports vulnerable consumers struggling with high energy bills and cold homes. Although smart meters play a vital role in promoting energy efficiency and flexibility, these missed targets call for reflection on the challenges faced during the transition to a greener energy system.
