According to a new study from US based ABI Research, “Smart Meters for Smart Grids” the number of smart electric meters deployed worldwide will rise from a 2009 level of 76 million to reach about 212 million in 2014. “Smart” electricity meters, which enable two-way communication between the meter and the utility, and may enable greater consumer control over consumption, are being deployed at an increasing pace, especially in North America and Europe.

There are suggestions that China will replace 300 million electricity meters over the next five or so years.

As momentum for infrastructure renewal grows, a number of factors are driving the process. High on the list are government regulators. In the US, $3.4 billion in federal economic stimulus funding was directed to smart grid development in November 2009. The Energy Independence and Security Act of 2007 (EISA 2007) directly encourages smart grid technology adoption by the states, and funds NIST’s efforts to develop a standards-based technology framework to facilitate smart grid adoption.

For its part, the EU enacted a “Third Energy Package” in September 2009 which aims to see every European electricity meter “smart” by 2022.

Other drivers include:

• Efficiency and reliability gains
• Environmental concerns
• Improved customer service
• Energy theft reduction
• Increasing energy market competition

However the path to smart metering is not always smooth. PG&E in California has been one of the early utilities to deploy smart meters, but the rollout has led to claims by consumers that they have been overcharged. PG&E stands by the accuracy of its meters, but the controversy has created a public relations headache for the firm.