Financing Smart Meters: Constraints and Possible Solutions at the India Smart Utility Week 2024
Smart Metering, also known as Advanced Metering Infrastructure (AMI), is a system that accurately records electricity consumption and transmits this data to both energy providers and customers. This technology improves energy management, enables flexible pricing, and integrates renewable energy. In Europe and the Americas, many energy companies have already adopted smart metering technology, offering valuable lessons for India’s ambitious plan to deploy 250 million smart meters.
While India’s project is progressing swiftly, there is potential to learn from Western countries that have embraced smart metering early on and explore innovative financial mechanisms to cover the costs of widespread installation and maintenance.
USAID continues to partner with the government and people across South Asia to enable the modernization of transmission, system operation, and distribution utilities in the region to improve their performance and promote adaptability to new technological advancements.
To examine the financial strategies and solutions that can enhance the rollout of smart meters throughout India and to promote knowledge sharing, the United States Agency for International Development (USAID), under its South Asia Regional Energy Partnership (SAREP) program, in partnership with the India Smart Grid Forum (ISGF), organized a session titled ‘Financing Smart Meters: Constraints and Possible Solutions’ on March 14, 2024, during India Smart Utility Week 2024, at the Hotel Lalit in New Delhi. The main objective of this session was to explore financial strategies and solutions that could enhance the nationwide implementation of smart meters in India.
Apurva Chaturvedi, Senior Clean Energy Specialist, USAID India, delivered the special remarks for the session, which included a theme presentation. The session was chaired by Dr. Rakesh Goyal, Chief of Party, SAREP program, and moderated by Mayank Bhardwaj, Lead E-Mobility, Procurement, and Private Sector, SAREP program.
The session brought together stakeholders from the smart metering and energy ecosystem, exploring the financing of smart meters in India, proposing innovative solutions, and discussing the future of smart metering projects.
Esteemed panellists included Parag Baduni, Partner, National Investment and Infrastructure Fund (NIIF), Charu Kaistha, CGM Power Finance Corporation (PFC), and Sumit Grover, CFO, IntelliSmart Infrastructure Pvt Ltd. The panellists discussed the features of the current financing model and the challenges encountered in securing debt and equity for smart metering projects.
The session represents a significant step towards fostering India’s vision of a modern, efficient, and resilient power sector infrastructure and making consumers an important part of India’s energy transition.
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