By Joe Hoppe

U.K. energy suppliers British Gas, OVO, Bulb, E.ON, Iberdrola's Scottish Power and SSE will pay out a total of 10.8 million pounds ($13.3 million) after missing smart-meter installation targets for 2022, the U.K. energy regulator says.

Ofgem said the companies fell short of installation targets for the year, culminating in a shortfall to install a total of 1.0 million smart meters by the required deadline.

Centrica-owned British Gas will pay the largest sum into the Energy Industry Voluntary Redress Fund at GBP3.4 million, followed by OVO and Bulb at GBP2.4 million and GBP1.8 million respectively. The fund is primarily used to help consumers in vulnerable situations most at risk from cold homes and high energy bills.

As a result of the suppliers agreeing to make voluntary payments, Ofgem decided not to conduct a full investigation into the reasons for the shortfall. It said a number of suppliers provided information on mitigating factors, some of which are reflected in the levels of payments agreed.

The companies didn't immediately respond to requests for comment.

As of June 2023, more than 33 million smart and advanced meters have been installed in homes and small businesses across Great Britain, representing 58% of all meters in the U.K.

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(END) Dow Jones Newswires

11-09-23 0425ET